PRINTER'S NO. 2093
No. 1653 Session of 1983
INTRODUCED BY SALOOM, HUTCHINSON, LIVENGOOD, SEVENTY, LETTERMAN,
GEORGE, ALDERETTE, COY, PETRARCA, OLASZ, COLE, VAN HORNE,
CALTAGIRONE, DeLUCA, DALEY, KASUNIC AND JAROLIN, NOVEMBER 14,
1983
REFERRED TO COMMITTEE ON FINANCE, NOVEMBER 14, 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," further defining the word "income."
11 The General Assembly of the Commonwealth of Pennsylvania
12 hereby enacts as follows:
13 Section 1. Section 301(j) of the act of March 4, 1971
14 (P.L.6, No.2), known as the Tax Reform Code of 1971, added
15 August 31, 1971 (P.L.362, No.93), is amended to read:
16 Section 301. Definitions.--The following words, terms and
17 phrases when used in this article shall have the meaning
18 ascribed to them in this section except where the context
19 clearly indicates a different meaning. Any reference in this
20 article to the Internal Revenue Code shall include the Internal
21 Revenue Code of 1954, as amended to the date on which this
1 article is effective.
2 * * *
3 (j) "Income" for a resident individual, estate or trust
4 means the same as compensation, net profits, gains, dividends,
5 interest or income enumerated and classified under section 303
6 of this article. Until withdrawn in accordance with the Internal
7 Revenue Code, the word shall not include deposits made into and
8 interest earned on Individual Retirement Accounts to the extent
9 authorized by the code.
10 Section 2. This act shall take effect immediately.
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