PRINTER'S NO. 1229
THE GENERAL ASSEMBLY OF PENNSYLVANIA
INTRODUCED BY CORMAN, WAUGH, RAFFERTY, ERICKSON, ALLOWAY, VOGEL, VULAKOVICH, HUTCHINSON AND BREWSTER, JUNE 17, 2013
REFERRED TO FINANCE, JUNE 17, 2013
1Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
2act relating to tax reform and State taxation by codifying
3and enumerating certain subjects of taxation and imposing
4taxes thereon; providing procedures for the payment,
5collection, administration and enforcement thereof; providing
6for tax credits in certain cases; conferring powers and
7imposing duties upon the Department of Revenue, certain
8employers, fiduciaries, individuals, persons, corporations
9and other entities; prescribing crimes, offenses and
10penalties," in personal income tax, further providing for
11classes of income.
17Section 303. Classes of Income.-- * * *
18(a.8) The following apply:
19(1) Except as set forth in paragraph (2), for a tax year
20beginning after December 31, 2013, a taxpayer may offset a gain
21within one class of income with a loss occurring within another
22class of income.
1(2) A gain or loss under subsection (a)(7) shall be limited
2solely to the class of income under subsection (a)(7). A loss
3under subsection (a)(7) may not be used to offset a gain in any
4other class of income.
5(3) Notwithstanding 1 Pa.C.S. § 1937(a) (relating to
6references to statutes and regulations), this subsection shall
7not affect a change in any of the following provisions as they
8exist on June 30, 2013:
15* * *
16Section 2. This act shall take effect immediately.