324.5 to furnish an annual statement to a lessor who wilfully
furnishes a false or fraudulent statement or who wilfully fails
to furnish a statement in the manner, at the time and showing
the information required by section 324.5 and the regulations
prescribed under section 324.5 shall, for each such failure, be
subject to a penalty of fifty dollars ($50).
(h) If any amount of tax required to be withheld by an
employer and paid over to the department under section 319 or
319.1 is not paid on or before the due date prescribed for
filing the quarterly return under section 318 or 318.1,
determined without regard to an extension of time for filing,
there shall be added to the tax and paid to the department each
month five per cent of such underpayment for each month or
fraction thereof from the due date, for the period from the due
date to the date paid; but the underpayment shall, for purposes
of computing the addition for any month, be reduced by the
amount of any part of the tax which is paid by the beginning of
that month. The total of such additions shall not exceed fifty
per cent of the amount of tax required to be shown on the return
reduced by the amount of any part of the tax which is paid by
the return due date and by the amount of any credit against the
tax which may be claimed on the return.
* * *
(j) If any amount of tax required to be withheld by a
partnership, association [or], Pennsylvania S corporation or
lessee and paid over to the department under section 324 or
324.4 is not paid on or before the date prescribed therefor,
there shall be added to the tax and paid to the department each
month five per cent of such underpayment for each month or
fraction thereof from the due date, for the period from the due
date to the date paid; but the underpayment shall, for purposes
of computing the addition for any month, be reduced by the
amount of any part of the tax which is paid by the beginning of
that month. The total of such additions shall not exceed fifty
per cent of the amount of such tax.
Section 27. Section 401(3)4(c) of the act is amended and the
subsection is amended by adding a clause 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:
* * *
(3) "Taxable income." * * *
4. * * *
(c) (1) The net loss deduction shall be the lesser of:
(A) (I) For taxable years beginning before January 1, 2007,
two million dollars ($2,000,000);
(II) For taxable years beginning after December 31, 2006,
the greater of twelve and one-half per cent of taxable income as
determined under subclause 1 or, if applicable, subclause 2 or
three million dollars ($3,000,000);
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