PRINTER'S NO. 1509
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
1056
Session of
2018
INTRODUCED BY BROOKS, GORDNER, MENSCH, RESCHENTHALER, FOLMER,
AUMENT, HUTCHINSON, VULAKOVICH, DiSANTO, KILLION, MARTIN,
VOGEL, WAGNER, YAW, BARTOLOTTA, BAKER, EICHELBERGER, BROWNE,
REGAN, WARD, LANGERHOLC AND McILHINNEY, FEBRUARY 22, 2018
REFERRED TO FINANCE, FEBRUARY 22, 2018
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," in corporate net income tax, further providing
for definitions.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 401(3)1(q) and (r) of the act of March 4,
1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, are
amended to read:
Section 401. Definitions.--The following words, terms, and
phrases, when used in this article, shall have the meaning
ascribed to them in this section, except where the context
clearly indicates a different meaning:
* * *
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
(3) "Taxable income." 1. * * *
(q) [Notwithstanding] For qualified property acquired and
placed in service before September 28, 2017, notwithstanding
paragraph (a), taxable income shall include the amount of the
deduction for depreciation of qualified property claimed and
allowable under section 168(k) of the Internal Revenue Code of
1986 (26 U.S.C. § 168(k)).
(r) [Notwithstanding] For qualified property acquired and
placed in service before September 28, 2017, notwithstanding
paragraph (a), if a deduction for depreciation of qualified
property was included in taxable income in accordance with
paragraph (q), an additional deduction for depreciation of the
qualified property shall be allowed from taxable income until
the total amount included as taxable income under paragraph (q)
has been claimed. The additional deduction shall be equal to the
product of taking three sevenths of the amount of the deduction
for depreciation of the qualified property allowable under
section 167 of the Internal Revenue Code of 1986 (26 U.S.C. §
167), not including the amount of the deduction for depreciation
of the qualified property claimed and allowable under section
168(k) of the Internal Revenue Code of 1986 (26 U.S.C. §
168(k)), for the tax year.
* * *
Section 2. The amendment of section 401(3)1(q) and (r) of
the act shall apply to tax years beginning on or after January
1, 2017.
Section 3. This act shall take effect immediately.
20180SB1056PN1509 - 2 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27