PRINTER'S NO. 1738
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
1161
Session of
2018
INTRODUCED BY CORMAN, GORDNER, RESCHENTHALER, COSTA, FOLMER,
HUGHES, SCAVELLO, BARTOLOTTA, KILLION, RAFFERTY, MENSCH,
STEFANO, WARD, YUDICHAK, BLAKE AND REGAN, MAY 7, 2018
REFERRED TO FINANCE, MAY 7, 2018
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(a.7)(1) of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, is amended
to read:
Section 303. Classes of Income.--* * *
(a.7) The following apply:
(1) An amount paid as a contribution into a qualified
tuition program under Chapter 3 of the act of April 3, 1992
(P.L.28, No.11), known as the "Tuition Account Programs and
College Savings Bond Act," shall be deductible from taxable
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income on the annual personal income tax return. The amount paid
as a contribution to a qualified tuition program allowable as a
deduction under this subsection shall be subject to an annual
limitation not to exceed the threshold for exclusion from gifts
as provided in section 2503(b) of the Internal Revenue Code of
1986, as amended, per designated beneficiary. The deduction
shall not result in taxable income being less than zero.
* * *
Section 2. The amendment of section 303(a.7)(1) of the act
shall apply only to contributions or rollovers made on or after
January 1, 2018.
Section 3. This act shall take effect immediately.
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