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Tax

BUSINESS
March 18, 2015 | By Andrew Maykuth, Inquirer Staff Writer
Gov. Wolf's proposed severance tax on Marcellus Shale natural-gas production contains a unique feature that sets a minimum taxable level, guaranteeing that the state would capture its share no matter how low the gas price sank. The severance tax, dubbed the Pennsylvania Education Reinvestment Act, would set a minimum value of $2.97 per thousand cubic feet (Mcf) for all natural gas produced in the state, regardless of its actual sale price. Natural gas is currently selling at five Pennsylvania trading hubs at prices ranging from $1.23 per Mcf to $2.52 a unit.
NEWS
March 17, 2015
PERHAPS YOU'VE FILED for an extension on your taxes this year. Or maybe you're waiting until the last minute to complete paperwork. Chances are you could be doing a better job during the year to save on federal taxes, says Mike Gillen, a certified public accountant who heads the tax-accounting group at Duane Morris. Here are some of his tips: * Don't overlook deductions. A general rule of thumb is that any expense directly related to or associated with your business is a potential tax savings.
NEWS
March 13, 2015 | By Tricia L. Nadolny, Inquirer Staff Writer
Philadelphia City Council will soon begin vetting Mayor Nutter's proposed budget, but debate on the most controversial part, a 9.3 percent property-tax hike to fund city schools, will have to wait until after the May 19 primary election. Council President Darrell L. Clarke has scheduled the first hearing on school funding for May 26, guaranteeing that Council members - all of whom are up for reelection - will not have to air the politically sensitive issue before the primary. Some say that's problematic for voters.
NEWS
March 13, 2015 | By Andrew Maykuth, Inquirer Staff Writer
The federal government this week projected that natural-gas prices would average about 30 percent less in 2015 than last year. That's great news for consumers, but it presents a challenge for Pennsylvania's new governor. Gov. Wolf has proposed a severance tax on natural-gas production that he says would generate $1 billion for education programs. But the proposed tax is based on the price of gas. And as long as gas is cheap, it will be hard to hit the revenue target. "I think the billion you're projecting is not there," State Rep. Garth Everett (R., Lycoming)
NEWS
March 12, 2015 | Chris Hepp, Inquirer Staff Writer
Whatever privations Nelson A. Diaz suffered as a child growing up in a Harlem tenement, they are in his rearview mirror now. Lynne M. Abraham stands as a testament to the relative generosity of city pensions. And State Sen. Anthony Hardy Williams' household keeps the bills paid with a big boost from fracking interests. Those are a few highlights gleaned from federal tax returns of five Democratic mayoral candidates. Diaz, Abraham, Williams, James F. Kenney, and Doug Oliver voluntarily released past returns to The Inquirer for review.
BUSINESS
March 10, 2015 | By Erin E. Arvedlund, Inquirer Columnist
Tax time can be especially stressful for military families. But servicemen and women are allowed extra time to file and are eligible for free filing help. If you're serving outside the United States (including Puerto Rico) as of April 15, 2015, you're granted an automatic two-month extension to file tax returns. If that's not enough time, by submitting Form 4868 to the IRS, you can extend filing by an additional four months, according to the American Armed Forces Mutual Aid Association.
NEWS
March 10, 2015 | By Suzette Parmley, Inquirer Staff Writer
ATLANTIC CITY - A measure aimed at stabilizing this city's taxes has stalled in the Statehouse, just three weeks before a deadline for the casinos to challenge their assessed value in a shrinking gaming market, leaving embattled Atlantic City Mayor Don Guardian caught between two of the state's most powerful politicians. Gov. Christie and Senate President Stephen Sweeney (D., Gloucester) are at odds over the fate of an Atlantic City tax relief plan, formally known as the Casino Property Taxation Stabilization Act, that Sweeney sponsored.
NEWS
March 9, 2015 | By Amy Worden, Inquirer Harrisburg Bureau
  HARRISBURG - Gov. Wolf wants to do what no governor has done since President Lyndon B. Johnson was in the White House: Raise the Pennsylvania sales tax. Former Gov. Ed Rendell tried it twice. In 2010, he couldn't even get the state's Democratic-controlled House to go along. Wolf's plan - presented in his budget address last week - goes even farther. Higher sales and income taxes would raise almost $4 billion toward property-tax relief. The proposal calls for hiking the income tax from 3.07 percent to 3.7 percent and increasing the sales tax from 6 percent to 6.6 percent.
NEWS
March 6, 2015 | By Claudia Vargas and Tricia L. Nadolny, Inquirer Staff Writers
Mayor Nutter will ask City Council on Thursday to approve a 9.3 percent increase in property taxes to fund the beleaguered School District. In his final budget address as mayor, Nutter will ask Council - in an election year - to approve a $3.95 billion spending plan that would raise property owners' taxes by hundreds or even thousands of dollars a year. Currently, the tax bill for a home assessed at the median of $113,000 is $1,112. If Nutter's proposal was approved, it would go up to $1,216.
NEWS
March 6, 2015 | BY WENDY RUDERMAN, Daily News Staff Writer rudermw@phillynews.com, 215-854-5924
ANOTHER storm is brewing, and we're not talking snow. We're talking about a fresh round of Mayor Nutter vs. City Council. Nutter is expected to unveil a budget today that will call for a more than 9 percent increase in property taxes to help infuse the Philadelphia School District with desperately needed money, according to sources. The mayor's proposed property-tax hike of 9.34 percent is likely to put City Council - which must approve Nutter's eighth and final budget - in a difficult position at a time when all 17 council members are up for re-election.
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