PRINTER'S NO. 1689
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
963
Session of
2020
INTRODUCED BY HUGHES, FONTANA, FARNESE, KEARNEY, COSTA,
BREWSTER, HAYWOOD, STREET AND MUTH, MAY 11, 2020
REFERRED TO FINANCE, MAY 11, 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 realty transfer tax, further providing for
transfer of tax.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1102-C.6(a) of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, added June
28, 2019 (P.L.50, No.13), is amended and the section is amended
by adding a subsection to read:
Section 1102-C.6. Transfer of Tax.--(a) Subject to
subsection (b), [beginning] on July 31, 2019, [and each July 31
thereafter,] the State Treasurer shall transfer from the General
Fund to the Housing Affordability and Rehabilitation Enhancement
Fund under Article IV-D of the act of December 3, 1959
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(P.L.1688, No.621), known as the "Housing Finance Agency Law,"
an amount equal to forty per cent of the difference between:
(1) the total amount of the tax imposed under section 1102-C
and collected by the Commonwealth for the prior fiscal year; and
(2) the total dollar amount of such tax estimated for the
fiscal year beginning July 1, 2014, and as contained in the
final estimate signed by the Governor for that fiscal year as
required by section 618 of the act of April 9, 1929 (P.L.177,
No.175), known as "The Administrative Code of 1929."
(a.1) Beginning July 31, 2020, and each July 31 thereafter,
the State Treasurer shall transfer the first one hundred million
dollars ($100,000,000) from the tax imposed under section 1102-C
and collected by the Commonwealth for the prior fiscal year to
the Housing Affordability and Rehabilitation Enhancement Fund
under Article IV-D of the "Housing Finance Agency Law."
* * *
Section 2. This act shall take effect immediately.
20200SB0963PN1689 - 2 -
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