This is a brief update on recent Pennsylvania tax developments.
For more information on any of these developments, contact one of
the authors or the Reed Smith State Tax attorney with whom you
usually work.
FY15 Budget Enacted—Includes Little Tax Reform
Earlier this summer, Governor Corbett signed into law the fiscal
year July 1, 2014 through June 30, 2015 budget (Act 1A of 2014). No
Tax Reform Code bill was passed in connection with the budget.
However, a Fiscal Code bill was enacted (Act 126 of 2014) to
make some changes to the unclaimed property law and several other
unrelated changes. Specifically, with respect to unclaimed
property, Act 126 reduced the holding period for certain property
from five years to three years, which is expected to generate a
$150 million one-time revenue increase. Act 126 also established
registration requirements for persons other than lawyers who assist
others with searching for and claiming unclaimed property in
exchange for
