PRINTER'S NO. 176
No. 197 Session of 1995
INTRODUCED BY LLOYD, STEELMAN, TIGUE, ITKIN, LAUGHLIN, FARGO,
PISTELLA, PESCI, TRELLO, PETRONE, GRUITZA AND BATTISTO,
JANUARY 23, 1995
REFERRED TO COMMITTEE ON FINANCE, JANUARY 23, 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 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.
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