PRINTER'S NO. 915
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
771
Session of
2021
INTRODUCED BY AUMENT, MARTIN, GORDNER, YUDICHAK, PITTMAN, BAKER,
LAUGHLIN, PHILLIPS-HILL, ROBINSON AND STEFANO, JUNE 16, 2021
REFERRED TO FINANCE, JUNE 16, 2021
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 corporate net income tax, providing for a
reduction in tax rate.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 402(b) 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 402. Imposition of Tax.--* * *
(b) The annual rate of tax on corporate net income imposed
by subsection (a) for taxable years beginning for the calendar
year or fiscal year on or after the dates set forth shall be as
follows:
Taxable Year Tax Rate
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January 1, 1995, [and
each taxable year
thereafter] 9.99%
January 1, 2022, 8.99%
January 1, 2023, 7.99%
January 1, 2024 6.99%
January 1, 2025, and
for each taxable
year thereafter; if
the revenue
generated at 6.99%
in 2024 equals or
exceeds the
Independent Fiscal
Office revenue
projections for the
2024 taxable year
computed at a rate
of 9.99%, 5.99%
* * *
Section 2. This act shall take effect in 60 days.
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