PRINTER'S NO. 858
No. 794 Session of 1993
INTRODUCED BY SAURMAN, FARGO, CESSAR, NAILOR, FLICK, FARMER,
LEH, GEIST, SEMMEL, ARMSTRONG, BUNT, HARLEY, TIGUE, HERMAN,
TOMLINSON, KENNEY, TRELLO, GERLACH, KING AND FREEMAN,
MARCH 22, 1993
REFERRED TO COMMITTEE ON FINANCE, MARCH 22, 1993
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," further providing for the tax on annuity
11 considerations.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. Section 902 of the act of March 4, 1971 (P.L.6,
15 No.2), known as the Tax Reform Code of 1971, is amended by
16 adding a subsection to read:
17 Section 902. * * *
18 (a.1) Limited Exception to Imposition of Tax on Annuity
19 Considerations.--Notwithstanding the provisions of subsection
20 (a), no tax shall be imposed on annuity considerations received
21 by an insurance company from July 1, 1991 to August 5, 1991.
1 * * *
2 Section 2. This act shall be retroactive to July 1, 1991.
3 Section 3. This act shall take effect immediately.
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