It’s hard to believe it’s been five years since the 税 Cuts and Jobs Act of 2017 was enacted. 几乎每个美国人都是这样.S. 是否受到了这样或那样的改革的影响. 对企业来说，美国经济向平稳增长的转变.S. income 税 rate of 21% required nearly all companies to remeasure their deferred 税 assets and liabilities against the new rate.
And while changing 税 rates can seem straightforward, aligning 税 law with U.S. GAAP reporting requirements in accordance with ASC 740 is never as easy as it seems. 现在, 五年后, companies with a significant presence in Pennsylvania are being tasked once again with accounting for a recently enacted decrease in the state’s corporate income 税 rate.
今年7月8日，宾夕法尼亚州州长汤姆·沃尔夫签署了该法案 众议院1342号法案 成为法律. The bill includes a gradual reduction in the corporate net income 税 rate over the next nine years, 从目前的9.99% to 4.99%. For 税 years beginning on or after January 1, 2023, the rate is decreased to 8.99%，然后再减0.每年5%，直到2031纳税年度结束.99%.
ASC 740-20-45-8, companies are required to adjust their deferred 税 assets and liabilities from changes in enacted 税 laws or rates and record this impact in income 税 expense/benefit in the period of enactment. The gradual rate change in Pennsylvania creates an additional step when calculating this adjustment. The company will be required to record its deferred 税 assets and liabilities at the 税 rate(s) in which they’re expected to reverse. 因此, a rollout of the ending deferred 税 assets and liabilities will be required each year to estimate the state 税 rate that should be applied. 请记住，这些逆转的时间是估计的, the impact of this rate change will continue to be adjusted for each period until 2031 when the state rate will stay at 4.99%在现行法律下.
There’s one other item companies should consider when adjusting their deferred 税 balances. ASC 740 requires that any adjustments to deferred balances that relate to other comprehensive income (OCI) are required to be adjusted through income from continuing operations rather than adjusting OCI leaving a “stranded 税 effect.” In 2018, the 金融 Accounting Standards Board issued Accounting Standards Update No. 2018-02, reclassification of certain 税 effects from accumulated other comprehensive income, to allow for a one-time adjustment to remove the “stranded 税 effect” from U.S. 税 reform and permit an adjustment between OCI and retained earnings. 此时此刻, we note that the impact of the Pennsylvania rate change will be required to be adjusted through income from continuing operations even if related to OCI.
Proper consideration should be given to remeasuring your company’s deferred 税 assets and liabilities due to the recent Pennsylvania corporate income 税 rate change. 联系 your Schneider Downs representative if you’d like to discuss further the impact to your company’s financial statements.
Schneider Downs’ 税 advisors have experience and expertise in a wide range of industries, including 汽车, 建设, 房地产, 制造业, 能源 & 资源, 高等教育, 盈利, 运输 和其他人. Our industry knowledge and focus ensure the delivery of technical 税 strategies that can be implemented as practical business initiatives.
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