Lebanon Valley Farmers Bank v. Commonwealth

OPINION BY

President Judge LEADBETTER.

Lebanon Valley Farmers Bank (Farmers Bank) petitions for review of the order of the Board of Finance and Revenue (Board), affirming the denial of its petition for refund of a portion of its 2002 Bank and Trust Company Shares Tax (Shares Tax). 1

Prior to discussing the factual history of the case, we note that the Shares Tax, set forth in Article VII of the Tax Reform Code (Tax Code), 2 is imposed on the taxable amount of a banking institution’s shares of capital stock. 3 As our Supreme Court noted in Allfirst Bank v. Commonwealth, 593 Pa. 631, 641-42, 933…