61 Pa. Code § 153.12

Current through Register Vol. 54, No. 24, June 15, 2024

Section 153.12 - Altering Federal taxable income

Foreign taxes paid. Foreign taxes taken by the taxpayer as a credit against Federal taxes are not allowed to reduce taxable income. Reference should be made to § 153.13 (relating to Federal tax credits). Foreign taxes taken by the taxpayer as a deduction in arriving at Federal taxable income are a proper deduction (reflected presently on Line 17 of Page 1 of Federal IRS Forms 1120 and 1120-A). See § 153.13.

61 Pa. Code § 153.12

The provisions of this § 153.12 amended October 5, 1984, effective 10/6/1984, 14 Pa.B. 3624; amended January 16, 1987, effective 1/17/1987, 17 Pa.B. 273.

The provisions of this § 153.12 issued under section 270 of the Tax Reform Code of 1971 (72 P. S. § 7270); amended under section 408 of the Tax Reform Code of 1971 (72 P. S. § 7408).

This section cited in 61 Pa. Code § 153.13 (relating to Federal tax credits); and 61 Pa. Code § 153.25 (relating to payroll factor).