HOUSE AMENDED
PRIOR PRINTER'S NO. 698
PRINTER'S NO. 1294
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
654
Session of
2023
INTRODUCED BY BARTOLOTTA, YAW, HUTCHINSON, PENNYCUICK, ROTHMAN,
BAKER, DUSH, VOGEL AND SCHWANK, MAY 2, 2023
AS AMENDED ON SECOND CONSIDERATION, HOUSE OF REPRESENTATIVES,
DECEMBER 13, 2023
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 personal income tax, further providing for
classes of income.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 303 of the act of March 4, 1971 (P.L.6,
No.2), known as the Tax Reform Code of 1971, is amended by
adding a subsection to read:
Section 303. Classes of Income.--* * *
(a.11) A person (A.11) (1) EXCEPT AS PROVIDED UNDER
PARAGRAPH (2), A TAXPAYER WHO HAS PARTIAL OR FULL OWNERSHIP OF
LAND ON WHICH TAXABLE INCOME IS GENERATED FROM THE MINING,
EXTRACTION OR PRODUCTION OF OIL, GAS, ORES, MINERALS OR OTHER
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NATURAL RESOURCES OF A MINE, OIL OR GAS WELL OR OTHER NATURAL
DEPOSIT OCCURS may claim a deduction for depletion of a mine,
oil and gas well and other natural deposit in accordance with
the provisions of sections 611, 612, 613, 613A, 614, 616 and 617
of the Internal Revenue Code of 1986 (Public Law 99-514, 26
U.S.C. ยง 611 et seq.) in effect on the effective date of this
subsection.
(2) ONCE A TAXPAYER HAS RECOVERED THE ORIGINAL BASIS IN THE
PROPERTY, THE TAXPAYER IS NO LONGER ELIGIBLE FOR THE DEDUCTION
UNDER PARAGRAPH (1).
* * *
Section 2. The addition of section 303(a.11) of the act
shall apply to tax years beginning after December 31, 2022 2023.
Section 3. This act shall take effect immediately.
20230SB0654PN1294 - 2 -
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