PRINTER'S NO. 2796
No. 2212 Session of 1995
INTRODUCED BY FAJT, NOVEMBER 14, 1995
REFERRED TO COMMITTEE ON FINANCE, NOVEMBER 14, 1995
AN ACT 1 Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An 2 act relating to tax reform and State taxation by codifying 3 and enumerating certain subjects of taxation and imposing 4 taxes thereon; providing procedures for the payment, 5 collection, administration and enforcement thereof; providing 6 for tax credits in certain cases; conferring powers and 7 imposing duties upon the Department of Revenue, certain 8 employers, fiduciaries, individuals, persons, corporations 9 and other entities; prescribing crimes, offenses and 10 penalties," further providing for additional deductions; and 11 making an editorial change. 12 The General Assembly of the Commonwealth of Pennsylvania 13 hereby enacts as follows: 14 Section 1. Section 401(3)1(c) of the act of March 4, 1971 15 (P.L.6, No.2), known as the Tax Reform Code of 1971, is amended 16 to read: 17 Section 401. Definitions.--The following words, terms, and 18 phrases, when used in this article, shall have the meaning 19 ascribed to them in this section, except where the context 20 clearly indicates a different meaning: 21 * * * 22 (3) "Taxable income." 1. * * *
1 (c) Further additional deductions shall be allowed from 2 taxable income in an amount equal to the amount of any reduction 3 in an employer's deduction for wages and salaries as a result of 4 the employer taking a credit for ["new jobs"] its FICA tax 5 obligation on its employes' tips or "targeted jobs" pursuant to 6 [section 44B] section 3102(c) or section 51 of the Internal 7 Revenue Code. 8 * * * 9 Section 2. This act shall take effect in 60 days. J11L71SAF/19950H2212B2796 - 2 -