H0377B2849A05353       SFL:CDM 01/15/08    #90             A05353
                        AMENDMENTS TO HOUSE BILL NO. 377
                                    Sponsor:  REPRESENTATIVE BROOKS
                                           Printer's No. 2849

     1       Amend Title, page 1, line 11, by removing the period after
     2    "poverty" and inserting
     3               ; and further providing, in corporate net income tax,
     4               for imposition.

     5       Amend Bill, page 2, by inserting between lines 26 and 27
     6       Section 2.  Section 402(b) of the act, amended June 29, 2002
     7    (P.L.559, No.89), is amended to read:
     8       Section 402.  Imposition of Tax.--* * *
     9       (b)  The annual rate of tax on corporate net income imposed
    10    by subsection (a) for taxable years beginning for the calendar
    11    year or fiscal year on or after the dates set forth shall be as
    12    follows:
    13            Taxable Year         Tax Rate
    14    January 1, 1995, [and
    15       each taxable
    16       year thereafter]
    17       through taxable
    18       years beginning
    19       on or before
    20       December 31, 2008            9.99%
    21    January 1, 2009, and
    22       each taxable
    23       year through
    24       December 31, 2009            7.90%
    25    January 1, 2010, and
    26       each taxable
    27       year through
    28       December 31, 2010            7.70%
    29    January 1, 2011, and
    30       each taxable
    31       year through
    32    December 31, 2011               7.50%
    33    January 1, 2012, and
    34       each taxable
    35       year through
    36    December 31, 2012               7.30%
    37    January 1, 2013, and
    38       each taxable
    39       year through
    40    December 31, 2013               7.10%

     1    January 1, 2014, and
     2       each taxable
     3       year thereafter              6.90%
     4       * * *

     5       Amend Sec. 2, page 2, line 27, by striking out all of said
     6    line and inserting
     7       Section 3.  This act shall take effect July 1, 2008, or
     8    immediately, whichever is later.

















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