PRINTER'S NO. 533
No. 506 Session of 1981
INTRODUCED BY ALDEN, TRELLO, GEIST, MICHLOVIC, LETTERMAN,
J. L. WRIGHT, HAGARTY, BROWN, CALTAGIRONE, GANNON, CIMINI,
McINTYRE, SPITZ, E. Z. TAYLOR, PERZEL, FLECK, MICOZZIE,
CORNELL, PUNT, ARTY, KANUCK AND BELFANTI, FEBRUARY 10, 1981
REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 10, 1981
AN ACT
1 Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
2 act relating to tax reform and State taxation by codifying
3 and enumerating certain subjects of taxation and imposing
4 taxes thereon; providing procedures for the payment,
5 collection, administration and enforcement thereof; providing
6 for tax credits in certain cases; conferring powers and
7 imposing duties upon the Department of Revenue, certain
8 employers, fiduciaries, individuals, persons, corporations
9 and other entities; prescribing crimes, offenses and
10 penalties," excluding certain interest from the personal
11 income tax.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. Clause (6) of subsection (a) of section 303, act
15 of March 4, 1971 (P.L.6, No.2), known as the "Tax Reform Code of
16 1971," added August 31, 1971 (P.L.362, No.93), is amended to
17 read:
18 Section 303. Classes of Income.--(a) The classes of income
19 referred to above are as follows:
20 * * *
21 (6) Interest derived from obligations which are not
1 statutorily free from State or local taxation under any other
2 act of the General Assembly of the Commonwealth of Pennsylvania
3 or under the laws of the United States. The term "interest"
4 shall not include interest or dividends for any person filing an
5 individual return or for any husband and wife filing a joint
6 return which is paid on deposits in regular savings accounts in
7 commercial banks, savings banks, building and loan or savings
8 and loan associations.
9 * * *
10 Section 2. This act shall take effect immediately and shall
11 apply to all interest received during the calendar year in which
12 this act becomes effective and thereafter.
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