Pennsylvania Enacts Omnibus Fiscal Legislation, Includes Tax Provisions

The Pennsylvania Governor signed omnibus legislation amending the fiscal code to implement the Fiscal Year 2025-2026 budget. The law includes: 1) providing that any amount received by a Holocaust survivor as part of Holocaust reparations is exempt from personal income tax; 2) extending the 9-1-1 surcharge of $1.95 to expire on Feb. 1, 2029; 3) decoupling Pennsylvania’s corporate net income tax from certain provisions enacted as part of federal H.R.1 legislation; 4) establishing a new, refundable, tax credit linked to the federal earned income tax credit; and 5) extending certain local economic revitalization tax abatements. The law has multiple effective ...