Instructions For Form Rct-132 - Pennsylvania Shares And Loans Tax printable pdf download

General Information for RCT-132

RCT-132-I (1-14)

Page 1 of 6

NEW FOR 2013

Due to recent legislation, Act 52 of 2013, it was necessary to change the forms for filing Shares and Loans Tax. Please use the appropriate

form according to the below descriptions.

• RCT-132 is used to report Pennsylvania Shares and Loans Tax prior to Act 52 of 2013. This form MUST be used by all bank, trust

and domestic title insurance companies to report loans tax for year ending Dec. 31, 2012 and prior, and shares tax for Jan. 01, 2013

and prior.

• RCT-132A is used to report Pennsylvania Title Insurance Companies Shares and Loans Tax. This form is ONLY to be used by domes-

tic title insurance companies to report loans tax for year ending Dec. 31, 2013 and shares tax for Jan. 01, 2014.

• RCT-132B is used to report Pennsylvania Bank and Trust Companies Shares and Loans Tax. This form is ONLY to be used by nation-

al and state banks and trust companies to report loans tax for year ending Dec. 31, 2013 and shares tax for Jan. 01, 2014.

The electronic funds transfer requirement was reduced from $10,000 to $1,000; all payments of $1,000 or more made after Dec. 31, 2013,

must be made electronically.

Taxpayers may request a six month extension to file this report by filing REV-426.

Note: Act 52 of 2013 — which grants an automatic PA extension to file the PA Corporate Tax Report, RCT-101, if the taxpayer has a valid

federal extension — DOES NOT apply to this tax.

REMINDER

• Revenue ID: A corporation’s Revenue ID is a new, unique, 10-digit number assigned by the department to a taxpayer, separate

from any federally issued identification number(s) or Pennsylvania license number(s).

As the department continues to transition into an integrated tax system, a 10-digit Revenue ID will be assigned and communicated

to each taxpayer. A corporation’s seven-digit PA Tax Account ID will continue to be accepted by the department on tax forms and

schedules, but upon assignment of a 10-digit Revenue ID to a taxpayer, the department will begin using the 10-digit Revenue ID on

outbound correspondence in lieu of referencing the seven-digit Tax Account ID.

• RCT-132 has been redesigned and is no longer year-specific.

• Line-by-line instructions for RCT-132 are now available.

• RCT-132 is available as a fill-in form on the department’s website at

• REV-1175, Schedule AR, (explanation for amending) must be included when filing an amended report.

• One extension coupon (REV-426) will be used for all specialty taxes. The coupon and the tax report (RCT-132) will no longer be

mailed. These forms are available as fill-in documents on the department’s website at The REV-426

extension coupon can be filed electronically through e-TIDES at However, electronic filing of the tax

report is not available. The report should be completed using the computer-based fill-in form, printed and submitted by mail to the

department. The form can be saved electronically for your records.

Annual Report Checklist: Make sure you include the following to file your annual report properly and completely:

• Complete RCT-132, Shares and Loans Tax Report

• Copy of the quarterly Call Report as reported with the appropriate regulatory authorities or quarterly balance sheets (or pro forma)

based on generally accepted accounting principles

• Copy of schedules for Goodwill and U.S. Obligations claimed on the tax report

• Schedule of combined shares for institutions that have merged during the tax period

• Corporate officer’s signature on Page 1 and preparer’s signature and PTIN on Page 2, if applicable

All tax calculations must be shown in whole dollar amounts. An amountless than 50 cents should be eliminated and an

amount of 50 cents or more should be rounded to the next dollar.

Imposition, Base and Rate

Shares tax is imposed at the rate of 1.25 percent on taxable shares of domestic title insurance companies and banks and trust companies

located in Pennsylvania and having capital stock.

Loans tax is imposed at the rate of 4 mills on the nominal value of taxable indebtedness. For more information on loans tax, see Title 72

P.S. § 3250-10 to § 3250-15.

Revenue ID, Federal Employer Identification Number (FEIN), Parent Corporation FEIN, Name and Address

The Revenue ID number, FEIN, name and complete mailing address must be provided. If the taxpayer is a subsidiary of a corporation, the

parent corporation’s FEIN must be provided. Also provide the telephone number and email address of the taxpayer.

Tax Year

For loans tax enter month, day and year (MM DD YYYY) for the tax year beginning and year (YY) for the tax year end. For shares tax enter

the year (YY) of the spot tax.

Report Due Date

This report is due on March 15th following the Jan. 1 shares reported. If March 15 falls on a Saturday, Sunday or holiday, the report is due

the next business day. A penalty for late filing will be imposed as follows and assessed at the time of filing: 10 percent of the first $1,000

of tax liability, 5 percent of the next $4,000 of tax liability and 1 percent on any tax liability in excess of $5,000.

Address Change

Enter “Y” in the block on Page1 if the address of the corporation has changed from prior tax periods. The current mailing address should be

reflected on the report.

Instructions For Form Rct-132 - Pennsylvania Shares And Loans Tax

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