Governor Wolf has announced the successful January 1, 2016 phase-out of Pennsylvania’s Capital Stock and Foreign Franchise tax. These taxes were imposed on corporations, limited liability companies, and other companies doing business in Pennsylvania. The Pennsylvania Department of Revenue has noted that the elimination of the Capital Stock and Foreign Franchise Taxes means that many business types, such as S Corporations and limited liability companies will be filing their final corporation tax returns for 2015 and these returns will be marked as final returns.
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