A04603
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2645
Session of
2022
INTRODUCED BY PEIFER, DUNBAR, MILLARD, PISCIOTTANO AND RYAN,
JUNE 2, 2022
AS REPORTED FROM COMMITTEE ON FINANCE, HOUSE OF REPRESENTATIVES,
AS AMENDED, JUNE 7, 2022
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 bank and trust company shares tax, further
providing for ascertainment of taxable amount and exclusion
of United States obligations.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 701.1 heading, (b), (b.1) and (c) of the
act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code
of 1971, are amended to read:
Section 701.1. Ascertainment of Taxable Amount; [Exclusion
of United States Obligations] Exclusions, Subtractions and
Deductions.--* * *
(b) A deduction for the value of United States obligations
shall be provided from the taxable amount of shares in an amount
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