PRINTER'S NO. 1397
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
1008
Session of
2017
INTRODUCED BY CORMAN, SCARNATI, MARTIN, EICHELBERGER, DiSANTO,
FOLMER, RAFFERTY, KILLION, LAUGHLIN, RESCHENTHALER, MENSCH,
VOGEL, REGAN, VULAKOVICH, BARTOLOTTA, WARD AND STEFANO,
DECEMBER 28, 2017
REFERRED TO FINANCE, DECEMBER 28, 2017
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," in personal income tax, further providing for
classes of income.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 303 of the act of March 4, 1971 (P.L.6,
No.2), known as the Tax Reform Code of 1971, is amended by
adding a subsection to read:
Section 303. Classes of Income.-- * * *
(a.10) The following apply:
(1) Except as set forth in paragraph (2), for a tax year
beginning after December 31, 2017, a taxpayer may offset a gain
within one class of income with a loss occurring within another
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class of income.
(2) A gain or loss under subsection (a)(7) shall be limited
solely to the class of income under subsection (a)(7). A loss
under subsection (a)(7) may not be used to offset a gain in any
other class of income.
(3) Notwithstanding 1 Pa.C.S. ยง 1937(a) (relating to
references to statutes and regulations), this subsection shall
not affect a change in any of the following provisions as they
exist on June 30, 2017:
(i) The definitions of "earned income" and "net profits" in
section 501 of the act of December 31, 1965 (P.L.1257, No.511),
known as "The Local Tax Enabling Act."
(ii) The definition of "personal income" in section 302 of
the act of June 27, 2006 (1st Sp.Sess., P.L.1873, No.1), known
as the "Taxpayer Relief Act."
* * *
Section 2. This act shall take effect immediately.
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