PRINTER'S NO. 1822
No. 1497 Session of 2001
INTRODUCED BY METCALFE, ALLEN, FICHTER, ROHRER, ADOLPH,
ARMSTRONG, BENNINGHOFF, BIRMELIN, CALTAGIRONE, CAPPELLI,
L. I. COHEN, COLAFELLA, COLEMAN, CREIGHTON, EGOLF, FORCIER,
GABIG, GEIST, HORSEY, HUTCHINSON, LEH, MARKOSEK, MARSICO,
McCALL, McILHATTAN, S. MILLER, NICKOL, PETRARCA,
T. STEVENSON, TRELLO, WATSON, WILT, YOUNGBLOOD AND ZUG,
MAY 3, 2001
REFERRED TO COMMITTEE ON FINANCE, MAY 3, 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," further providing for capital stock and franchise
11 tax rates and expiration.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. Sections 602(h) and 606 of the act of March 4,
15 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971,
16 amended May 24, 2000 (P.L.106, No.23), are amended to read:
17 Section 602. Imposition of Tax.--* * *
18 (h) The rate of tax for purposes of the capital stock and
19 franchise tax for taxable years beginning within the dates set
20 forth shall be as follows:
1 Taxable Year Regular Rate Surtax Total Rate
2 January 1, 1971, to
3 December 31, 1986 10 mills 0 10 mills
4 January 1, 1987, to
5 December 31, 1987 9 mills 0 9 mills
6 January 1, 1988, to
7 December 31, 1990 9.5 mills 0 9.5 mills
8 January 1, 1991, to
9 December 31, 1991 11 mills 2 mills 13 mills
10 January 1, 1992, to
11 December 31, 1997 11 mills 1.75 mills 12.75 mills
12 January 1, 1998, to
13 December 31, 1998 11 mills .99 mills 11.99 mills
14 January 1, 1999, to
15 December 31, 1999 10.99 mills 0 10.99 mills
16 January 1, 2000, to
17 December 31, 2000 8.99 mills 0 8.99 mills
18 [January 1, 2001, to
19 December 31, 2001 7.49 mills 0 7.49 mills
20 January 1, 2002, to
21 December 31, 2002 6.49 mills 0 6.49 mills
22 January 1, 2003, to
23 December 31, 2003 5.49 mills 0 5.49 mills
24 January 1, 2004, to
25 December 31, 2004 4.49 mills 0 4.49 mills
26 January 1, 2005, to
27 December 31, 2005 3.49 mills 0 3.49 mills
28 January 1, 2006, to
29 December 31, 2006 2.49 mills 0 2.49 mills
30 January 1, 2007, to
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1 December 31, 2007 1.49 mills 0 1.49 mills
2 January 1, 2008, to
3 December 31, 2008 .49 mills 0 .49 mills]
4 January 1, 2001, to
5 December 31, 2001 6.99 mills 0 6.99 mills
6 January 1, 2002, to
7 December 31, 2002 5.49 mills 0 5.49 mills
8 January 1, 2003, to
9 December 31, 2003 3.99 mills 0 3.99 mills
10 January 1, 2004, to
11 December 31, 2004 2.49 mills 0 2.49 mills
12 January 1, 2005, to
13 December 31, 2005 0.99 mills 0 0.99 mills
14 Section 606. Effective Date.--(a) Except as provided in
15 subsection (b), this article shall take effect immediately, and
16 the tax imposed shall apply to taxable years beginning January
17 1, 1971 and thereafter.
18 (b) This article shall expire for taxable years beginning
19 after December 31, [2008] 2005.
20 Section 2. This act shall be retroactive to January 1, 2001.
21 Section 3. This act shall take effect immediately.
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