Pennsylvania: Philadelphia DOR Announces Reduced BIRT, Wage, Earnings, NPT, School Income Tax Rates

The Philadelphia Department of Revenue June 27 announced reduced tax rates for its business income and receipts tax (BIRT), wage and earnings taxes, net profits tax (NPT), and school income tax (SIT) for corporate income, individual income, trust income, and excise tax purposes. Changes to the BIRT, wage, and earnings tax rates become effective July 1. New NPT and SIT rates are applicable to income earned in 2022, for returns due and taxes owed in 2023. The new rates include: 1) a decrease in the wage and earnings taxes and SIT for residents to 3.79 percent from 3.8398 percent; 2) ...