The Pennsylvania Department of State (“Department”) currently requires a decennial (every ten years) filing for entities registered to do business in the Commonwealth. The reporting requirements will change significantly in 2024 with the recent passage of House Bill 2057. The legislation creates an annual report filing requirement, like that imposed by most states, for domestic and foreign entities. The new annual report filing requirement applies to, “a domestic filing entity, domestic limited liability partnership, domestic electing partnership that is not a limited partnership or registered foreign association.”

The new annual report filing deadlines are based on entity type with corporations (including nonprofit) due to file by July 1st. Limited liability companies are due October 1st and any other form of domestic or foreign association must file by December 31st. The legislation requires the Department to notify entities of their filing obligations two months prior to the due date of the annual report.

Entities that fail to file annual reports will be subject to administrative dissolution or cancellation. The Department is to provide entities with a period of transition (until 2027) before imposing any dissolution or cancellation for failure to file annual reports. The new annual reporting is a significant change for Pennsylvania entities that will require additional time and planning. Fortunately for entities new to annual reporting, Pennsylvania is allowing long runway to prepare and comply.

For more on the legislation impacting annual reporting visit here.

If you have questions on SALT matters, please contact the HBK SALT Advisory Group at hbksalt@hbkcpa.com.