PRINTER'S NO. 2796
No. 2212 Session of 1995
INTRODUCED BY FAJT, NOVEMBER 14, 1995
REFERRED TO COMMITTEE ON FINANCE, NOVEMBER 14, 1995
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 additional deductions; and
11 making an editorial change.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. Section 401(3)1(c) of the act of March 4, 1971
15 (P.L.6, No.2), known as the Tax Reform Code of 1971, is amended
16 to read:
17 Section 401. Definitions.--The following words, terms, and
18 phrases, when used in this article, shall have the meaning
19 ascribed to them in this section, except where the context
20 clearly indicates a different meaning:
21 * * *
22 (3) "Taxable income." 1. * * *
1 (c) Further additional deductions shall be allowed from
2 taxable income in an amount equal to the amount of any reduction
3 in an employer's deduction for wages and salaries as a result of
4 the employer taking a credit for ["new jobs"] its FICA tax
5 obligation on its employes' tips or "targeted jobs" pursuant to
6 [section 44B] section 3102(c) or section 51 of the Internal
7 Revenue Code.
8 * * *
9 Section 2. This act shall take effect in 60 days.
J11L71SAF/19950H2212B2796 - 2 -