AN ACT

 

1Abolishing the corporate loan tax; and repealing acts imposing
2such tax and related acts and parts of acts.

3The General Assembly of the Commonwealth of Pennsylvania
4hereby enacts as follows:

5Section 1.  Short title.

6This act shall be known and may be cited as the Corporate
7Loan Tax Abolishment Act.

8Section 2.  Corporate loan tax abolished.

9The tax on corporate loans for a fiscal year beginning in the
10calendar year 2013 and thereafter is abolished.

11Section 3.  Power to collect tax.

12The abolition of this tax shall not affect the power of the
13Department of Revenue or any other enforcement or collection
14agency of the Commonwealth from collecting any tax accrued
15before the abolition of the tax or from exercising any power
16conferred on them in connection therewith.

17Section 4.  Savings provision.

1This act does not affect any act done, liability incurred or
2right accrued or vested or affect any civil or criminal
3proceeding pending or to be commenced to enforce any right or
4penalty or punish any offense under any statute or part of a
5statute repealed by this act.

6Section 5.  Repeals.

7The following acts and parts of acts are repealed, except
8insofar as they are necessary for the collection of taxes
9accrued before the abolition by this act of the tax on corporate
10loans:

11Section 42 of the act of April 29, 1844 (P.L.486, No.318),
12entitled "An act to reduce the state debt, and to incorporate
13the Pennsylvania canal and railroad company."

14Act of July 15, 1919 (P.L.954, No.374), entitled "An act
15providing for the collection and payment over to the
16Commonwealth by private and public corporations of State taxes
17on scrip, bonds, certificates, and evidences of indebtedness
18issued or assumed by such corporations, and requiring certain
19reports in connection therewith."

20Sections 17 and 18 of the act of June 22, 1935 (P.L.414,
21No.182), known as the State Personal Property Tax Act.

22Section 20.  Effective date.

23This act shall take effect in 60 days.