PRINTER'S NO. 879
No. 813 Session of 1979
INTRODUCED BY COHEN, W. D. HUTCHINSON, STEWART, KUKOVICH, BROWN, DORR, WAGNER, FISHER, SCHMITT, MICHLOVIC, DeWEESE, COLE, CIMINI AND DUFFY, MARCH 20, 1979
REFERRED TO COMMITTEE ON FINANCE, MARCH 20, 1979
AN ACT 1 Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An 2 act relating to tax reform and State taxation by codifying 3 and enumerating certain subjects of taxation and imposing 4 taxes thereon; providing procedures for the payment, 5 collection, administration and enforcement thereof; providing 6 for tax credits in certain cases; conferring powers and 7 imposing duties upon the Department of Revenue, certain 8 employers, fiduciaries, individuals, persons, corporations 9 and other entities; prescribing crimes, offenses and 10 penalties," excluding certain interest from the personal 11 income tax. 12 The General Assembly of the Commonwealth of Pennsylvania 13 hereby enacts as follows: 14 Section 1. Clause (6) of subsection (a) of section 303, act 15 of March 4, 1971 (P.L.6, No.2), known as the "Tax Reform Code of 16 1971," added August 31, 1971 (P.L.362, No.93), is amended to 17 read: 18 Section 303. Classes of Income.--(a) The classes of income 19 referred to above are as follows: 20 * * * 21 (6) Interest derived from obligations which are not 22 statutorily free from State or local taxation under any other
1 act of the General Assembly of the Commonwealth of Pennsylvania 2 or under the laws of the United States. The term "interest" 3 shall not include interest or dividends equivalent to the first 4 five hundred dollars ($500) for any person filing an individual 5 return or the first one thousand dollars ($1,000) for any 6 husband and wife filing a joint return which is paid on deposits 7 in regular savings accounts in commercial banks, savings banks, 8 building and loan or savings and loan associations. 9 * * * 10 Section 2. This act shall take effect immediately and shall 11 apply to all interest received during the calendar year in which 12 this act becomes effective and thereafter. C6L56RZ/19790H0813B0879 - 2 -