Bill Information

An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in tax for education, further providing for definitions, for exclusions from tax, for credit against tax, for licenses and for local receivers of use tax; providing for remote sales reports; providing for special taxing authority; in personal income tax, further providing for definitions, for classes of income and for taxability of partners; providing for tax treatment determined at partnership level and for tax imposed at partnership level; further providing for income of a Pennsylvania S Corporation, for income taxes imposed by other states and for operational provisions; providing for contributions for the Children's Trust Fund and for contributions for American Red Cross; further providing for general rule, for return of Pennsylvania S Corporation, for requirements concerning returns, notices, records and statements and for additions, penalties and fees; providing for citation authority; in corporate net income tax, further providing for definitions and for reports and payment of tax; in corporate stock and franchise tax, further providing for imposition and for expiration; in bank and trust company shares tax, further providing for imposition of tax, ascertainment of taxable amount and exclusion of United States obligations, for apportionment and for definitions; in realty transfer tax, further providing for definitions, for excluded transactions, for imposition of tax and for acquired company; providing for nonlicensed corporation pari-mutuel wagering tax; in film production tax credit, further providing for definitions, and for credit for qualified film production expenses; in educational opportunity scholarship tax credit, further providing for scholarships; repealing provisions relating to coal waste removal and ultraclean fuels tax credit; making an editorial change; in job creation tax credit, further providing for tax credits; providing for city revitalization and improvement zones, for mobile telecommunications broadband investment tax credit, for the innovate in PA Program, for neighborhood improvement zones and for Keystone Special Development Zone program; in inheritance tax, further providing for transfers not subject to tax and for exemption for poverty; in inheritance tax, further providing for liabilities and for deductions not allowed; in procedure and administration, further providing for definitions and for petition for reassessment; providing for the Board of Finance and Revenue; further providing for review by the Board of Finance and Revenue; providing for a report concerning the significant changes in the structure and regulatory environment within the banking industry; and making related repeals.