• Pennsylvania Commonwealth Court Invalidates Department of Revenue's Attempt to Tax Value of Out-of-State Banks -- Court's Decision Could Also Affect Capital Stock/Franchise Taxpayers
  • February 9, 2005
  • Law Firm: Dechert LLP - Office
  • On February 2, 2005, Pennsylvania's Commonwealth Court issued a 6 - 1 decision invalidating the Department of Revenue's ("Department's") policy of taxing the value of out-of- state banks that have merged into an in-state bank. First Union National Bank v. Commonwealth, 181 F.R. 2002. Although the Commonwealth intends to appeal, aspects of the Court's decision are sweeping and may benefit not only banks, but other corporate taxpayers.