PRINTER'S NO. 522
No. 495 Session of 2001
INTRODUCED BY COSTA, MELLOW, TOMLINSON, WAGNER, LOGAN, BODACK,
HUGHES, KASUNIC, BOSCOLA, KUKOVICH, STACK, STOUT AND MUSTO,
FEBRUARY 15, 2001
REFERRED TO FINANCE, FEBRUARY 15, 2001
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," providing a tax credit for attendance at
11 Commonwealth universities and colleges.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. The act of March 4, 1971 (P.L.6, No.2), known as
15 the Tax Reform Code of 1971, is amended by adding a section to
16 read:
17 Section 314.1. Tax Credit for Attendance at Commonwealth
18 Universities and Colleges.--(a) An individual who attends a
19 university or college within this Commonwealth for the purpose
20 of obtaining an associate degree or baccalaureate degree is
21 eligible to receive a tax credit as provided in subsection (b).
22 (b) The department shall grant a tax credit against the tax
1 imposed under this article in the amount of five hundred dollars
2 ($500) to an individual under subsection (a) if the individual's
3 household income does not exceed four hundred per cent of the
4 poverty income guidelines as provided annually by the Federal
5 Office of Management and Budget.
6 (c) An individual may claim a tax credit for each year the
7 individual is enrolled as a full-time student. Where the
8 individual is declared by his parent or guardian as a dependent
9 for Federal tax purposes, the parent or guardian is eligible for
10 the tax credit.
11 (d) This section shall apply to taxable years beginning
12 after December 31, 1999.
13 (e) The department shall promulgate the regulations
14 necessary to carry out this section.
15 Section 2. This act shall take effect immediately.
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