PRINTER'S NO. 112
No. 128 Session of 2001
INTRODUCED BY ORIE, GEORGE, LYNCH, LAUGHLIN, CORRIGAN,
HENNESSEY, YOUNGBLOOD, CAPPELLI, PHILLIPS, GRUCELA, READSHAW,
DALEY, YUDICHAK, PRESTON, BELARDI, MANN, FRANKEL, FAIRCHILD,
FICHTER, RAYMOND, DeLUCA, E. Z. TAYLOR, HERMAN, LEH, SURRA,
SOLOBAY, MARSICO, KENNEY, McNAUGHTON, CIVERA, WASHINGTON,
BARD, PIPPY, T. STEVENSON, C. WILLIAMS, ADOLPH, PETRONE,
HESS, PISTELLA, SCRIMENTI, PETRARCA AND WOJNAROSKI,
JANUARY 23, 2001
REFERRED TO COMMITTEE ON FINANCE, JANUARY 23, 2001
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," establishing a prescription drug cost tax credit.
11 The General Assembly of the Commonwealth of Pennsylvania
12 hereby enacts as follows:
13 Section 1. The act of March 4, 1971 (P.L.6, No.2), known as
14 the Tax Reform Code of 1971, is amended by adding a section to
15 read:
16 Section 314.1. Prescription Drug Cost Tax Credit.--(a) A
17 resident individual who is fifty-five years of age or older
18 shall be allowed a credit against the tax imposed by this
19 article in an amount equal to twenty-five per cent of the cost
1 of prescription drugs purchased during the taxable year by the
2 individual for the individual, the individual's spouse, or both.
3 (b) The credit provided under this section shall not exceed
4 two hundred fifty dollars ($250).
5 (c) If the credit provided under this section exceeds the
6 tax calculated under this article reduced by any allowable
7 credits, the remainder shall be refunded to the individual.
8 Section 2. This act shall apply to taxable years beginning
9 on or after December 31, 2001.
10 Section 3. This act shall take effect in 60 days.
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