PRINTER'S NO. 277
No. 244 Session of 1983
INTRODUCED BY J. L. WRIGHT, DeWEESE, RYBAK, MICOZZIE, ARTY,
REINARD, MRKONIC, ALDERETTE, BURNS AND McINTYRE, FEBRUARY 16,
1983
REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 16, 1983
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," exempting persons sixty-five years of age and
11 over from the personal income tax on interest received from
12 financial institutions.
13 The General Assembly of the Commonwealth of Pennsylvania
14 hereby enacts as follows:
15 Section 1. Section 303(a)(6) of the act of March 4, 1971
16 (P.L.6, No.2), known as the Tax Reform Code of 1971, added
17 August 31, 1971 (P.L.362, No.93), is amended to 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.
3 The term "interest" shall not include interest received by
4 persons sixty-five years of age and over from interest bearing
5 deposits in financial institutions, including but not limited to
6 any bank, private bank, bank and trust company, savings
7 association, savings bank, trust company, savings and loan
8 association, building and loan association or credit union
9 organized or operated under State or Federal law.
10 * * *
11 Section 2. This act shall apply to taxable years beginning
12 on and after January 1, 1983.
13 Section 3. This act shall take effect immediately.
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