Bill Information

An Act amending the "Tax Reform Code of 1971," aproved March 4, 1971 (P. L. 6, No. 2), setting forth legislative findings and declaration of purpose; providing that the taxes imposed by Article VII and VIII are privilege taxes measured by actual value of capital stock; defining "valuation reserve for loan losses" and providing for its use in determining the actual value of certain stock; validating taxes collected and acts done; giving retrospective effect to certain amendments; making provisions with respect to certain tax credits and refunds.