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Tax

BUSINESS
July 15, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Summer camp gives you a mental break. Sending your child to day camp might also provide a tax deduction. Local accounting firm Isdaner & Associates notes that day camp is a qualified expense under the child and dependent care credit, which is worth 20 percent of qualifying expenses (more if your adjusted gross income is less than $43,000), subject to a cap. For 2014, the maximum expenses allowed for the credit are $3,000 for one qualifying child and $6,000 for two or more. Be aware: overnight camp doesn't qualify for the credit.
NEWS
July 14, 2014 | By Paul Nussbaum, Inquirer Staff Writer
What do higher gasoline taxes pay for? In Washington, the question has taken on increased urgency as Congress looks for ways to keep the federal Highway Trust Fund from running out of money in 80 days. And in Southeastern Pennsylvania, answers are already coming in, as transportation planners add $11 billion for highway, bridge, and transit projects that will be paid for largely by higher state gas taxes. Sens. Bob Corker (R., Tenn.) and Chris Murphy (D., Conn.) have proposed raising the federal gasoline tax by 12 cents a gallon over two years and linking it to inflation.
NEWS
July 12, 2014
ISSUE | PA. BUDGET Bad tax habits An additional $2 tax per pack of cigarettes would be a huge mistake ("Endless summer," July 10). Such a tax would add more than $700 a year for a one-pack-a-day smoker. Yes, it would encourage some smokers to quit or reduce their habit. But most would suck it up; such is the addictive grip of smoking. Instead of enacting a more fair and equitable increase in the income tax, or even the sales tax, the smoking tax also would be highly regressive.
NEWS
July 12, 2014 | By Maddie Hanna, Inquirer Trenton Bureau
New Jersey officials on Thursday approved $260 million in tax credits for an Evesham-based power-plant supplier to build a manufacturing plant on the Camden waterfront. The deal for Holtec International, said to be one of the largest tax-credit awards ever granted by the state, is expected to create 235 jobs and retain 160, said the state Economic Development Authority. Erin Gold, an authority spokeswoman, said it was the state's understanding that the 160 jobs would be relocated from Evesham, where the company has its headquarters.
NEWS
July 11, 2014 | By Amy Worden and Angela Couloumbis, Inquirer Harrisburg Bureau
HARRISBURG - Philadelphia was one Senate vote away from winning its $2-per-pack cigarette tax in the General Assembly on Tuesday. But after a late-hour lobbying effort by tobacco manufacturers, the senators jammed in a provision setting a five-year expiration for the tax. So, despite the prospect of delayed public school openings and hundreds of layoffs, the bill was sent back to the House, which had departed for its summer break and may not...
NEWS
July 11, 2014 | By Kristen A. Graham, Inquirer Staff Writer
If there is no cigarette-tax agreement in Harrisburg by Aug. 15, Philadelphia School Superintendent William R. Hite Jr. said Wednesday, he will have to lay off employees and consider a delay in the opening of schools. "There's a lot of uncertainty around what our next move is," Hite said. The state Senate passed an amended cigarette-tax bill this week, but the legislation requires House approval. The House is out on summer recess and is not scheduled to return until a special session called for Aug. 4. Even then, passage is not assured.
NEWS
July 10, 2014 | By Julia Terruso, Inquirer Staff Writer
The New Jersey Economic Development Authority on Tuesday disclosed a proposal to award Holtec International Inc. a 10-year, $26 million tax credit to locate some of its operations in Camden. News of the potential project, listed online as part of a meeting agenda, comes a month after an $86 million tax credit was awarded to the 76ers to build a practice facility on the city's waterfront, moving there from Philadelphia. Holtec, based in Marlton and Jupiter, Fla., is a multinational power-plant supplier founded by Krishna P. Singh, who has an engineering doctorate from the University of Pennsylvania.
BUSINESS
July 10, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Banks, their lobbyists, and their friends in Pennsylvania's General Assembly are struggling over who ought to pay the state's bank-shares tax. The tussle follows a failed overhaul that Harrisburg sources say has benefited the state's largest bank - Pittsburgh-based PNC Financial Services Group - while leaving an unexpected hole in the state budget. Slow-growing Pennsylvania is well known as a state that charges higher-than-average business taxes, until you make friends in high places, who can cut you a break.
NEWS
July 10, 2014 | By Angela Couloumbis and Amy Worden, Inquirer Harrisburg Bureau
HARRISBURG - A bill allowing Philadelphia to impose a new cigarette tax to help fund the city's cash-strapped schools is again up in the air. The Republicans who control the state Senate made changes to the legislation in the eleventh hour early Tuesday evening, delaying implementation of the $2-per-pack tax and setting the stage for Philadelphia public schools to possibly not open on time. "This is terrible for schoolchildren, for teachers, for parents, and for the taxpayers in the city of Philadelphia," said Mayor Nutter.
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