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PRINTER'S NO. 529
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
538
Session of
2019
INTRODUCED BY FLYNN, BERNSTINE, SCHLOSSBERG, MURT, NEILSON,
HILL-EVANS, KORTZ AND KINSEY, FEBRUARY 19, 2019
REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 19, 2019
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)(2) 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:
* * *
(2) (i) The following shall not be subject to tax under
this article:
(A) Any amount distributed from a qualified tuition program
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that is excludable from tax under section 529(c)(3)(B) of the
Internal Revenue Code of 1986, as amended.
(B) Any rollover that is excludable from tax under section
529(c)(3)(C) of the Internal Revenue Code of 1986, as amended.
(C) Undistributed earnings on a qualified tuition program.
(D) The value of a medal awarded in or prize money received
from the United States Olympic Committee on account of
competition in the Olympic Games or Paralympic Games.
(ii) A change in designated beneficiaries under section
529(c)(3)(C) of the Internal Revenue Code of 1986, as amended,
shall not constitute a taxable event under this article.
* * *
Section 2. This act shall take effect in 60 days.
20190HB0538PN0529 - 2 -
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