PRIOR PRINTER'S NO. 3727
PRINTER'S NO. 3795
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2497
Session of
2020
INTRODUCED BY DUNBAR, PEIFER, GREINER AND RYAN, MAY 12, 2020
AS REPORTED FROM COMMITTEE ON FINANCE, HOUSE OF REPRESENTATIVES,
AS AMENDED, MAY 19, 2020
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)(i) of the act of March 4,
1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, is
amended by adding a clause 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:
* * *
(E) A forgiveness of indebtedness granted under SECTION
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1106(B) OF the Federal Coronavirus Aid, Relief, and Economic
Security Act (Public Law 116-136, 134 Stat. 281) for a loan
which is guaranteed under section 7(a) of the Small Business Act
(Public Law 85-536, 15 U.S.C. ยง 636(a)) and issued to assist
with maintaining payroll costs during the period beginning after
February 29, 2020, and ending before July 1, 2020, by an
authorized lender. The amount of forgiveness under this clause
must not exceed the amount approved by the authorized lender
that issued the loan .
* * *
Section 2. This act shall take effect immediately.
20200HB2497PN3795 - 2 -
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