PRINTER'S NO. 2113
No. 1740 Session of 1977
INTRODUCED BY O'DONNELL, ENGLEHART, HASKELL AND MILLER,
OCTOBER 12, 1977
REFERRED TO COMMITTEE ON FINANCE, OCTOBER 12, 1977
AN ACT
1 Amending the act of March 30, 1811 (P.L.145, Chapter XCIX.),
2 entitled "An act to amend and consolidate the several acts
3 relating to the settlement of the public accounts and the
4 payment of the public monies, and for other purposes,"
5 exempting deferred income from current taxes or withholding.
6 The General Assembly of the Commonwealth of Pennsylvania
7 hereby enacts as follows:
8 Section 1. Subsection (e) of section VIII.I, act of March
9 30, 1811 (P.L.145, Chapter XCIX.), entitled "An act to amend and
10 consolidate the several acts relating to the settlement of the
11 public accounts and the payment of the public monies, and for
12 other purposes, added July 18, 1974 (P.L.472, No.168), is
13 amended to read:
14 Section VIII.I.--* * *
15 (e) Such deferred compensation program shall be in addition
16 to, and not a part of, any other retirement benefit program
17 provided by law for employes of the county, city, town, or other
18 political subdivision. Income deferred under programs authorized
19 by this act shall continue to be included as regular
1 compensation for the purpose of computing deductions for employe
2 contributions to retirement and pension programs and for the
3 purpose of computing retirement and pension benefits earned by
4 any employe. Income deferred under programs authorized by this
5 act shall not be currently subject to taxes imposed on income
6 and/or wages by this Commonwealth and its local taxing
7 authorities and such income shall be [included] excluded as
8 regular compensation for the purpose of computing the amount of
9 such taxes to be withheld and/or paid.
10 * * *
11 Section 2. This act shall take effect immediately.
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