Pennsylvania Tax Bond

Category: Uncategorized
Published: Nov 19, 2011
Taxes will be imposed on the extraction of natural gas in Pennsylvania through this bill. Under this bill the Department of Revenue would be authorized to require a surety bond for nonresident natural persons, or from any foreign entities that are not authorized to do business or not having an established place of business in the commonwealth. This bond will secure the payment of the tax and any penalties that may arise through the duration of the bond. The Department of Revenue will determine the amount required. A bond is also required to be posted by any person petitioning for the reassessment of tax assessment over $500 or where the Department believes the ultimate collection of the tax is in jeopardy. The Department could also require a bond from any person who filed a return or made payment more than 30 days late on three or more occasions within a 12-month period. Another option would be posting cash or securities in lieu of the surety bonds in any of these bond requirements.

The following two tabs change content below.


Latest posts by John (see all)