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§ 8502.3. Additional reporting requirements

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal Affairs

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 5. Tax Reform Code of 1971 (Refs & Annos)
Article XV. Mutual Thrift Institutions Tax (Refs & Annos)
72 P.S. § 8502.3
§ 8502.3. Additional reporting requirements
Currentness
(a) For the calendar years 1987, 1988, 1989, 1990 and 1991 and fiscal years beginning in 1987, 1988, 1989, 1990 and 1991, every institution shall report to the Department of Revenue upon a form prescribed, prepared and furnished by the Department of Revenue the information necessary to determine the income or loss that would otherwise be apportioned in accordance with this section:
(1) Income or loss shall be apportioned in accordance with a fraction, the numerator of which is the sum of the payroll factor and the receipts factor, and the denominator of which is two.
(2) The payroll factor is a fraction, the numerator of which is the total wages paid in this State and the denominator of which is the total wages paid in all states. Wages are paid in a state to the extent of the time spent by the employe in the state.
(3) The receipts factor is a fraction, the numerator of which is total receipts located in this State and the denominator of which is the total receipts located in all states. Receipts do not include principal repayments on loans or credit, travel and entertainment cards. Receipts from sale or disposition of intangible and tangible property include only the net gain therefrom. The location of receipts shall be determined as follows:
(i) Receipts from loans are located at the residence or commercial domicile of the debtor, except that receipts from loans secured by real or tangible personal property are located at the location of the property.
(ii) All receipts from performance of services are located in a state to the extent the services are performed in the state. If services are performed partly within two or more states, the receipts located in each state shall be measured by the ratio which the time spent in performing such services in the state bears to the total time spent in performing such services in all states.
(iii) Receipts from lease transactions are located in the state in which the leased property is deemed located.
(iv) Interest or service charges (excluding merchant discounts) from credit, travel and entertainment card receivables and credit card holders' fees are located in the state in which the credit card holder resides in the case of an individual or, if a corporation, in the state of the cardholder's commercial domicile. Otherwise, the receipts are located in the state in which the credit card holder receives billing notices.
(v) Interest, dividends and net gains from the sale or disposition of intangibles, exclusive of those receipts described elsewhere in this section, are located in the state in which the depository maintains an office which treats such intangibles as assets on its books or records.
(vi) Fees or charges from the issuance of traveler's checks and money orders are located in the state in which such traveler's checks or money orders are issued.
(vii) Receipts from sales of tangible property are located in the state in which the property is delivered or shipped to a purchaser, regardless of the f.o.b. point or other conditions of the sale.
(4) All receipts not specifically treated under clause (3) of this subsection are located in the state where the greatest portion of the income-producing activities are performed, based on costs of performance.
(b) Such reports shall set forth such other information as the Department of Revenue may require, including, but not limited to, information relative to the situs of its payroll and receipts.

Credits

1971, March 4, P.L. 6, No. 2, art. XV, § 1502.3, added 1988, Oct. 4, P.L. 737, No. 106, § 4, imd. effective.
72 P.S. § 8502.3, PA ST 72 P.S. § 8502.3
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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