Commonwealth, and liable to the payment of tax upon its capital
stock, or specifically exempted therefrom under the laws of this
Commonwealth, shall own, either directly or through subsidiary
or sub-subsidiary corporations, a majority of the total issued
and outstanding shares of voting stock of any corporation,
limited partnership, joint-stock association or company, then,
in such cases, so much of the value of all shares of stock, so
owned in such other corporation, limited partnership, joint-
stock association, or company, as represents property or assets
located or having a legal situs without this Commonwealth, shall
not be liable to taxation, under the laws of this Commonwealth
providing for the taxation of capital stock of corporations,
limited partnerships, joint-stock associations, and companies,
but shall be excluded in determining the value of the capital
stock of such owning company for purposes of taxation.
Section 2. In order to enable the Department of Revenue to
carry out the intent of this act, all corporations, limited
partnerships, joint-stock associations, and companies shall
file, with their annual report, a statement giving such
information as the Department of Revenue shall require.
Section 3. The provisions of this act shall be applicable to
the settlements of capital stock taxes for the year ending the
thirty-first day of December, one thousand nine hundred and
thirty-one, and thereafter, and for any fiscal year ending
during the year one thousand nine hundred and thirty-one, and
thereafter.]
Section 2. This act shall take effect in 60 days.
20190HB1080PN1254 - 2 -
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