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KPMG reports: Oklahoma, Pennsylvania

KPMG reports: Oklahoma, Pennsylvania

KPMG’s This Week in State Tax—produced weekly by KPMG’s State and Local Tax practice—focuses on recent state and local tax developments.

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  • Oklahoma: New tax law (House Bill 2665, signed April 29, 2019) establishes a new elective tax imposed on passthrough entities for tax years beginning on or after January 1, 2019. Under the legislation, the definition of a passthrough entity includes entities whose income is required to be reported on another person’s return under Subchapter K or Subchapter S of the Internal Revenue Code.
  • Pennsylvania: The Department of Revenue issued guidance (that includes examples) for purposes of computing the IRC section 163(j) limitation on deductible interest expense for Pennsylvania corporate net income tax purposes.


Read more at KPMG's This Week in State Tax

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