PRINTER'S NO. 3539
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2516
Session of
2024
INTRODUCED BY WAXMAN, SAMUELSON, GIRAL, PIELLI, HILL-EVANS,
SOLOMON, SCHLOSSBERG, McNEILL, HOWARD, FREEMAN, STURLA,
BRIGGS, HARKINS, OTTEN, SALISBURY, WEBSTER, SANCHEZ, DALEY,
WARREN, FRANKEL, BRENNAN, FLEMING, KIM, KHAN AND GILLEN,
JULY 30, 2024
REFERRED TO COMMITTEE ON FINANCE, JULY 30, 2024
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 subsections to read:
Section 303. Classes of Income.--* * *
(a.11) The following awards or settlements received in
reparation for the seizure, theft, requisition or involuntary
conversion of the income of victims of Nazi persecution shall
not be subject to tax under this article:
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(1) Amounts paid as a substitute for taxable income accruing
after one of the following:
(i) May 30, 1971.
(ii) If the right to receive the income was acquired from a
decedent by bequest, devise or inheritance or by the decedent's
estate, the later of May 30, 1971, or the decedent's date of
death.
(2) Amounts awarded as legal interest for periods after one
of the following:
(i) May 30, 1971.
(ii) If the right to receive the income was acquired from a
decedent by bequest, devise or inheritance or by the decedent's
estate, the later of May 30, 1971, or the decedent's date of
death.
(a.12) Awards or settlements received in reparation for the
seizure, theft, requisition or involuntary conversion of the
property of victims of Nazi persecution do not constitute
proceeds from the disposition of property and shall not be
subject to tax under this article. No gain is realized on the
recovery of involuntarily converted property of victims of Nazi
persecution.
* * *
Section 2. This act shall apply to taxable years commencing
on or after December 31, 2024.
Section 3. This act shall take effect immediately.
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