PRINTER'S NO. 58
No. 48 Session of 1993
INTRODUCED BY LLOYD, DeWEESE, PETRARCA, MIHALICH, FEE, PESCI, KING, TIGUE, FARGO AND GEIST, JANUARY 27, 1993
REFERRED TO COMMITTEE ON RULES, JANUARY 27, 1993
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 transactions excluded from 11 realty transfer tax. 12 The General Assembly of the Commonwealth of Pennsylvania 13 hereby enacts as follows: 14 Section 1. Section 1102-C.3(12) of the act of March 4, 1971 15 (P.L.6, No.2), known as the Tax Reform Code of 1971, added July 16 2, 1986 (P.L.318, No.77), is amended to read: 17 Section 1102-C.3. Excluded Transactions.--The tax imposed by 18 section 1102-C shall not be imposed upon: 19 * * * 20 (12) A transfer made pursuant to the statutory merger [or], 21 consolidation or division of a corporation [or statutory 22 division of a nonprofit corporation], except where the
1 department reasonably determines that the primary intent for 2 such merger, consolidation or division is avoidance of the tax 3 imposed by this article. 4 * * * 5 Section 2. This act shall take effect in 60 days. L18L72JAM/19930H0048B0058 - 2 -