PRINTER'S NO. 431
No. 406 Session of 2005
INTRODUCED BY SCHRODER, ARMSTRONG, BALDWIN, BARRAR, BOYD,
BROWNE, CALTAGIRONE, CAPPELLI, CRAHALLA, DENLINGER,
FAIRCHILD, FICHTER, FLICK, GABIG, GEIST, GINGRICH, GODSHALL,
GOODMAN, HARHART, HARRIS, HENNESSEY, HERSHEY, HESS,
HUTCHINSON, KILLION, LEH, MAHER, MARSICO, McILHATTAN, NAILOR,
NICKOL, O'NEILL, PALLONE, PETRARCA, PHILLIPS, PICKETT,
REICHLEY, ROHRER, ROSS, SAINATO, SAYLOR, SCAVELLO, SHANER,
E. Z. TAYLOR, THOMAS, TURZAI, WILT, YOUNGBLOOD AND ZUG,
FEBRUARY 9, 2005
REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 9, 2005
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 classes of income for
11 purposes of personal income tax.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. Section 303 of the act of March 4, 1971 (P.L.6,
15 No.2), known as the Tax Reform Code of 1971, is amended by
16 adding a subsection to read:
17 Section 303. Classes of Income.--* * *
18 (a.4) If filing a joint return, a spouse may offset a gain
19 in the same class of income with a loss of the other spouse in
1 the same class of income, except for gains or losses under
2 subsection (a)(7).
3 * * *
4 Section 2. The amendment of section 303 of the act shall
5 apply to tax years beginning after December 31, 2004.
6 Section 3. This act shall take effect immediately.
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