Pennsylvania Depreciation Schedule
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FAQ
State Conformity with Federal Section 179Forty-six states allow Section 179 deductions. Of the remaining four, three do not levy corporate income taxes and the fourth (Ohio) does not make allowances for federal expense deductions against its gross receipts tax.
By statute, Pennsylvania does not conform to federal bonus depreciation under IRC § 168(k). Rather, Pennsylvania decouples from federal bonus depreciation by making additions to and subtractions from taxable income.
For Pennsylvania personal income tax purposes, taxpayer has an allowable Section 179 deduction of $20,000 in Tax Year 1. The $5,000 in unused Section 179 expense creates a PIT loss, and is not carried forward to future tax years.
By statute, Pennsylvania does not conform to federal bonus depreciation under IRC § 168(k). Rather, Pennsylvania decouples from federal bonus depreciation by making additions to and subtractions from taxable income.
No loss: Stricken by the Pennsylvania Supreme Court, the NOL deduction nevertheless is allowed.
The Pennsylvania Department of Revenue does not follow the federal tax benefit rule. For tax benefit rules, Pennsylvania law requires depreciation to be computed under the straight-line method even if the depreciation did not provide any tax benefit.
Pennsylvania Governor Tom Wolf signed Act 72 of 2018 (available here) into law yesterday. Act 72 will allow Pennsylvania corporate net income tax (CNIT) taxpayers to use the federal Modified Accelerated Cost Recovery System (MACRS), but not federal bonus depreciation.
PA Schedule C - Profit or Loss from Business or Profession (Sole Proprietorship) (PA-40 C)
Yes. The calculation of PA Corporate Net Income begins with taxable income as reported to the IRS, on a separate company basis, or would have been reported to IRS had the taxpayer been required to...
Use Schedule C (Form 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if: Your primary purpose for engaging in the activity is for income or profit. You are involved in the activity with continuity and regularity.
