PRINTER'S NO. 1947
No. 1668 Session of 1981
INTRODUCED BY WILSON, VROON, CORNELL, POTT, LUCYK AND McVERRY,
JUNE 17, 1981
REFERRED TO COMMITTEE ON FINANCE, JUNE 17, 1981
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," changing a provision relating to State tax
11 reporting on a fiscal year basis.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. Subsection (e) of section 403, act of March 4,
15 1971 (P.L.6, No.2), known as the "Tax Reform Code of 1971," is
16 amended to read:
17 Section 403. Reports and Payment of Tax.--* * *
18 (e) (1) If any corporation closes its fiscal year not upon
19 December 31, but upon some other date, and reports to the
20 Federal Government as of such other date, or would so report
21 were it to make a return to the Federal Government, such
22 corporation, except as provided in clause (2), shall certify
1 such fact to the department, and shall make the annual report,
2 herein required, within thirty days after the return to the
3 Federal Government is due, or would be due were it to be
4 required of such corporation, subject in all other respects to
5 the provisions of this article. The tentative report required of
6 such corporation shall be due not later than four months after
7 the end of the next preceding fiscal year.
8 (2) If any corporation on a fiscal period commonly referred
9 to as a 52-53 week accounting fiscal basis closes its fiscal
10 year upon one of the last seven days of December or one of the
11 first seven days of January, and reports to the Federal
12 Government as of such date, or would so report were it to make a
13 return to the Federal Government, such corporation shall not be
14 deemed to be on a fiscal year basis ending on such date but
15 shall be deemed to be on a calendar year basis ending on
16 December 31.
17 * * *
18 Section 2. This act shall take effect immediately and shall
19 apply to reports filed for the calendar year 1981 and to fiscal
20 years beginning in 1981 and to calendar and fiscal years
21 thereafter.
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