PRINTER'S NO. 560
No. 499 Session of 1983
INTRODUCED BY IRVIS, KUKOVICH, EVANS, GEORGE, AFFLERBACH,
LINTON, WAMBACH, CARN, WOZNIAK, McHALE, FREEMAN, CALTAGIRONE,
COLE, GALLAGHER, PISTELLA, PRATT, OLIVER, HARPER, CLARK,
O'DONNELL, D. R. WRIGHT, WILSON, LETTERMAN, SWEET,
J. L. WRIGHT, LEHR, PETRARCA, WIGGINS, HALUSKA, MICHLOVIC,
RYBAK, KOWALYSHYN, STEIGHNER, DAWIDA, TRELLO, MORRIS, DALEY,
ALDERETTE, OLASZ, JAROLIN, PRESTON, BELFANTI, GAMBLE,
CORDISCO, SALOOM, GANNON AND LUCYK, MARCH 21, 1983
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE, MARCH 21, 1983
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," temporarily increasing the rate of the realty
11 transfer tax; and establishing the State Homeowners'
12 Emergency Mortgage Assistance Fund.
13 The General Assembly of the Commonwealth of Pennsylvania
14 hereby enacts as follows:
15 Section 1. Section 1102-C of the act of March 4, 1971
16 (P.L.6, No.2), known as the Tax Reform Code of 1971, added May
17 5, 1981 (P.L.36, No.14), is amended to read:
18 Section 1102-C. Imposition of Tax.--Every person who makes,
19 executes, delivers, accepts or presents for recording any
20 document or in whose behalf any document is made, executed,
1 delivered, accepted or presented for recording, shall be subject
2 to pay for and in respect to the transaction or any part
3 thereof, or for or in respect of the vellum parchment or paper
4 upon which such document is written or printed, a State tax at
5 the rate of one per cent, and from July 1, 1983 to June 30,
6 1991, an additional State tax at the rate of one-half of one per
7 cent, of the value of the property represented by such document,
8 which State tax shall be payable at the time of making,
9 execution, delivery, acceptance or presenting for recording of
10 such document.
11 Section 2. The act is amended by adding a section to read:
12 Section 1113-C. State Homeowners' Emergency Mortgage
13 Assistance Fund.--The State Homeowners' Emergency Mortgage
14 Assistance Fund, herein called the "fund" is hereby created in
15 the State Treasury. One-half of one per cent of the State tax
16 collected under section 1102-C from July 1, 1983 to June 30,
17 1991 shall be deposited in the fund and shall be used to assist
18 homeowners as provided in the act of (P.L. ,
19 No. ), known as the Homeowners' Emergency Mortgage Assistance
20 Act. Any balance in the fund on July 1, 1991 shall be
21 transferred to the General Fund from which any remaining
22 obligations shall be paid.
23 Section 3. This act shall take effect immediately.
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