Bill Text: PA HB1159 | 2009-2010 | Regular Session | Introduced

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Bill Title: Further providing for corporate net income tax.

Spectrum: Moderate Partisan Bill (Republican 28-6)

Status: (Introduced - Dead) 2009-03-31 - Referred to FINANCE [HB1159 Detail]

Download: Pennsylvania-2009-HB1159-Introduced.html

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PRINTER'S NO. 1373
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 1159 Session of2009
INTRODUCED BY ELLIS, ADOLPH, BARRAR, BEAR, BOYD, CAUSER, P. COSTA, CREIGHTON, GIBBONS, GINGRICH, GRELL, GROVE, HARRIS, HENNESSEY, HESS, HUTCHINSON, KILLION, KORTZ, MENSCH, MOUL, MUSTIO, PETRARCA, PICKETT, PYLE, REED, REICHLEY, ROAE, STEVENSON, TURZAI, VULAKOVICH, WANSACZ, WATSON AND WHEATLEY, MARCH 31, 2009
REFERRED TO COMMITTEE ON FINANCE, MARCH 31, 2009
AN ACT
Amending the act of October 6, 1998 (P.L.705, No.92), entitled,
as amended, "An act providing for the creation of keystone
opportunity zones and keystone opportunity expansion zones to
foster economic opportunities in this Commonwealth, to
facilitate economic development, stimulate industrial,
commercial and residential improvements and prevent physical
and infrastructure deterioration of geographic areas within
this Commonwealth; authorizing expenditures; providing tax
exemptions, tax deductions, tax abatements and tax credits;
creating additional obligations of the Commonwealth and local
governmental units; and prescribing powers and duties of
certain State and local departments, agencies and officials,"
further providing for corporate net income tax.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 515(e) of the act of October 6, 1998
(P.L.705, No.92), known as the Keystone Opportunity Zone,
Keystone Opportunity Expansion Zone and Keystone Opportunity
Improvement Zone Act, amended December 9, 2002 (P.L.1727,
No.217), is amended to read:
Section 515. Corporate net income tax.
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(e) Computation.--[A]
(1) Except as provided under paragraph (2), a
corporation shall compute its Commonwealth taxable income in
conformity with Article IV of the Tax Reform Code of 1971
with no adjustments or subtractions for subzone, improvement
subzone or expansion subzone taxable income.
(2) For taxable years beginning after December 31, 2008,
a net loss deduction shall be allowed for taxable income
under Article IV of the Tax Reform Code of 1971 in an amount
less than or equal to 100% of subzone, improvement subzone or
expansion subzone taxable income.
* * *
Section 2. This act shall take effect in 60 days.
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