PRINTER'S NO.  297

  

THE GENERAL ASSEMBLY OF PENNSYLVANIA

  

SENATE BILL

 

No.

320

Session of

2011

  

  

INTRODUCED BY TOMLINSON, ORIE, PILEGGI, ERICKSON, D. WHITE, FOLMER, FONTANA, BOSCOLA, EARLL, RAFFERTY, M. WHITE, WARD, ALLOWAY AND WAUGH, JANUARY 28, 2011

  

  

REFERRED TO FINANCE, JANUARY 28, 2011  

  

  

  

AN ACT

  

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Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An

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act relating to tax reform and State taxation by codifying

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and enumerating certain subjects of taxation and imposing

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taxes thereon; providing procedures for the payment,

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collection, administration and enforcement thereof; providing

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for tax credits in certain cases; conferring powers and

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imposing duties upon the Department of Revenue, certain

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employers, fiduciaries, individuals, persons, corporations

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and other entities; prescribing crimes, offenses and

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penalties," further providing for additions to tax.

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The General Assembly of the Commonwealth of Pennsylvania

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hereby enacts as follows:

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Section 1.  Section 352(d)(2) of the act of March 4, 1971

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(P.L.6, No.2), known as the Tax Reform Code of 1971, amended

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July 7, 2005 (P.L.149, No.40), is amended to read:

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Section 352.  Additions, Penalties and Fees.--* * *

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(d)  * * *

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(2)  No addition to tax shall be imposed if the total amount

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of all payments of estimated tax made on or before the last date

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prescribed for the payment of such installment equals or exceeds

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the lesser of:

 


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(A)  The amount which would have been required to be paid on

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or before such date if the estimated tax were an amount equal to

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the tax computed after consideration of the special tax

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provisions for poverty, at the rates applicable to the taxable

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year, but otherwise on the basis of the facts shown on his

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return for, and the law applicable to, the preceding taxable

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year; [or]

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(B)  An amount equal to ninety per cent of the tax computed,

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at the rates applicable to the taxable year, on the basis of the

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actual income for the months in the taxable year ending before

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the month in which the installment is required to be paid, or,

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in the case of a trust or estate, an amount equal to ninety per

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cent of the applicable percentage of the tax for the taxable

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year as determined pursuant to section 6654(d)(2)(C)(ii) of the

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Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. §

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6654), as amended, at rates applicable to the taxable year,

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computed on an annualized basis in accordance with United States

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Treasury regulations, based upon the actual income for the

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months of the taxable year ending with the last day of the

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second preceding month prior to the month in which the

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installment is required to be paid[.]; or

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(C)  An amount equal to the tax liability shown on the

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preceding tax year return, less special tax provisions for

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poverty which shall apply to taxpayers who filed a full-year

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Pennsylvania return for the preceding tax year, unless the

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taxpayer was not required to file a Pennsylvania return.

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Section 2.  This act shall apply to taxable years beginning

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after December 31, 2011.

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Section 3.  This act shall take effect immediately.

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