Bill Information

An Act amending the act of March 4, 1971 (P.L.6, No.2), entitled Tax Reform Code of 1971, amending and adding definitions related to sales tax; further providing for the imposition of, exclusions from and the refund of sales tax; expanding eligibility for the special poverty provisions for personal income tax; revising capital stock franchise tax provisions to reduce the rates of taxation, to eliminate the minimum tax, to continue the provisions for the calculation of the manufacturing, processing, research and development exemptions, to further provide for capital stock franchise tax exemptions and exclusions and to provide for its phase out; further providing for credits against the insurance premiums tax assessments; providing for the gross receipts tax relating to certain telephone sales and services and for public utility realty tax transition impact limitations; further providing for eligibility for malt beverage tax credits; adding an inheritance tax definition; reducing and revising the rates of inheritance tax; providing a limited rebate program for homeowners; changing the distribution of tax revenue received by the State Racing Fund; and making repeals.