In this latest episode of the S.R. Snodgrass podcast, HR Director Lenore Seifer is joined by Chuck Marston, President of S.R. Snodgrass, to discuss the significant tax policy proposals included in Pennsylvania’s 2025-2026 budget and their potential impact on banks and thrifts.
In this latest episode of the S.R. Snodgrass podcast, HR Director Lenore Seifer is joined by Chuck Marston, President of S.R. Snodgrass, to discuss the significant tax policy proposals included in Pennsylvania’s 2025-2026 budget and their potential impact on banks and thrifts.
Watch and listen as they break down the acceleration of the Corporate Net Income (CNI) tax reduction and how it could make Pennsylvania more competitive, the proposed elimination of the PA Bank Shares Tax and Mutual Thrift Tax, shifting banks and thrifts into the CNI tax structure, and the introduction of mandatory combined reporting and its implications for financial institutions operating in Pennsylvania.
Takeaways:
• Pennsylvania’s CNI tax rate is on track to reach 4.99%, potentially benefiting businesses but posing new considerations for banks and thrifts.
• Moving banks into the CNI tax system would align them with most other corporations, but could create winners and losers depending on individual financial structures.
• Combined reporting could significantly alter tax liabilities, particularly for banks with holding companies or subsidiaries in other states.
• Pennsylvania’s banking community must closely monitor these proposals, as they could have lasting effects even if not passed this year.
Have questions? Reach out to S.R. Snodgrass today to learn more.
