Pennsylvania

Resident trust - The single controlling factor in determining if a trust is a resident trust for purposes of this article shall be whether the decedent, the person creating the trust or the person transferring the property was a resident individual or person at the time of death, creation of the trust or the transfer of the property. The residence of the fiduciary and the beneficiaries of the trust shall be immaterial.

Net gains or income from disposition of property. Net gains or net income, less net losses, derived from the sale, exchange or other disposition of property, including real property, tangible personal property, intangible personal property or obligations issued on or after the effective date of this amendatory act.

A tax at the rate of 3.07% is hereby imposed upon each taxable year of every resident individual, estate or trust and each nonresident individual who has income from Pennsylvania sources.

Net losses from the sale, exchange or other disposition of property, to the extent not offset by gains from the same or other sales, exchanges or other dispositions of property in the same taxable year by the same taxpayer, may not be carried back or carried forward to any other taxable year, and may not be offset against income of a different class.

Net losses from the sale, exchange or other disposition of property, to the extent not offset by gains from the same or other sales, exchanges or other dispositions of property in the same taxable year by the same taxpayer, may not be carried back or carried forward to any other taxable year, and may not be offset against income of a different class.

Interest is not taxable income if received from direct obligations of the Commonwealth of Pennsylvania, its authorities, commissions or other instrumentalities. Interest on obligations of other states, territories and their political subdivisions, and instrumentalities is taxable.

Interest is not taxable income if received from direct obligations of the Commonwealth of Pennsylvania, its authorities, commissions or other instrumentalities. Interest on obligations of other states, territories and their political subdivisions, and instrumentalities is taxable.

The term 'net gains or income' and 'net losses' shall not include gains or income or losses which are excluded from Federal taxation under section 1400Z-2 of the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 1400Z-2), as amended. Net gains or net income, less net losses, which are excluded under this subparagraph shall be included in income to the extent they are included in gross income under section 1400Z-2(b) of the Internal Revenue Code of 1986, as amended. Section 1400Z-2(c) of the Internal Revenue Code of 1986, as amended, shall apply in the computation of net gains or net income and net losses.

Net gains or income from disposition of property. Net gains or net income, less net losses, derived from the sale, exchange or other disposition of property, including real property, tangible personal property, intangible personal property or obligations issued on or after the effective date of this amendatory act by the Commonwealth;

Obligations of Federal Agencies, Instrumentalities and Territories Not Exempt from PA PIT: Federal Home Loan Mortgage Corporation, 12 USC § 1455(a). Federal National Mortgage Association (Fannie Mae), 12 USC §§ 1719(e) and 1723a(c).

A tax at the rate of 3.07% is hereby imposed upon each taxable year of every resident individual, estate or trust and each nonresident individual who has income from Pennsylvania sources.

Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax.

Any security issued under this chapter by a Federal home loan bank, including the stock thereof, shall be exempt from taxation, except taxes upon real estate, by any State, county, municipality, or local taxing authority.

The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).

A tax at the rate of 3.07% is hereby imposed upon each taxable year of every resident individual, estate or trust and each nonresident individual who has income from Pennsylvania sources.

The rates for Pennsylvania inheritance tax are as follows: 0 percent on transfers to a surviving spouse or to a parent from a child aged 21 or younger; 4.5 percent on transfers to direct descendants and lineal heirs; 12 percent on transfers to siblings; and 15 percent on transfers to other heirs, except charitable organizations, exempt institutions and government entities exempt from tax.

A tax at the rate of 3.07% is hereby imposed upon each taxable year of every resident individual, estate or trust and each nonresident individual who has income from Pennsylvania sources.

Net losses from the sale, exchange or other disposition of property, to the extent not offset by gains from the same or other sales, exchanges or other dispositions of property in the same taxable year by the same taxpayer, may not be carried back or carried forward to any other taxable year, and may not be offset against income of a different class.