Bill Text: PA HB1966 | 2011-2012 | Regular Session | Introduced

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Bill Title: In personal income tax, further providing for definitions and for classes of income; and, in corporate net income tax, further providing for definitions.

Spectrum: Slight Partisan Bill (Democrat 17-8)

Status: (Introduced - Dead) 2011-11-09 - Referred to FINANCE [HB1966 Detail]

Download: Pennsylvania-2011-HB1966-Introduced.html

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PRINTER'S NO. 2718
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 1966 Session of2011
INTRODUCED BY K. SMITH, BAKER, CALTAGIRONE, CARROLL, D. COSTA, DALEY, DAVIS, DeLUCA, EVERETT, GINGRICH, GROVE, HARKINS, KOTIK, MURT, M. O'BRIEN, PASHINSKI, READSHAW, STABACK, STURLA, SWANGER, TAYLOR, THOMAS AND WHITE, NOVEMBER 9, 2011
REFERRED TO COMMITTEE ON FINANCE, NOVEMBER 9, 2011
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
definitions and for classes of income; and, in corporate net
income tax, further providing for definitions.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Sections 301 and 303 of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, are amended
by adding subsections to read:
Section 301. Definitions.--Any reference in this article to
the Internal Revenue Code of 1986 shall mean the Internal
Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 1 et seq.),
as amended to January 1, 1997, unless the reference contains the
phrase "as amended" and refers to no other date, in which case
the reference shall be to the Internal Revenue Code of 1986 as
it exists as of the time of application of this article. The
following words, terms and phrases when used in this article
shall have the meaning ascribed to them in this section except
where the context clearly indicates a different meaning:
* * *
(l.3) "Natural gas" means fossil fuel consisting of a
mixture of hydrocarbon gases, primarily methane, possibly
including ethane, propane, butane, pentane, carbon dioxide,
oxygen, nitrogen and hydrogen sulfide and other gas species. The
term includes gas from oil fields known as associated gas or
casing head gas, natural gas fields known as nonassociated gas,
coal beds, shale beds and other formations.
(l.4) "Natural gas-powered product" means Department of
Revenue-approved product or part thereof that uses natural gas
as its primary fuel source.
* * *
Section 303. Classes of Income.--* * *
(a.8) An amount equal to twenty per cent of the total amount
of all capital, operation and maintenance costs paid for
manufacturing natural gas-powered products in the taxable year
shall be deductible from taxable income on the annual personal
income tax return of a taxpayer.
* * *
Section 2. Section 401(3)1 of the act is amended by adding a
paragraph and the section is amended by adding clauses to read:
Section 401. Definitions.--The following words, terms, and
phrases, when used in this article, shall have the meaning
ascribed to them in this section, except where the context
clearly indicates a different meaning:
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* * *
(3) "Taxable income." 1. * * *
(t) An additional deduction shall be allowed from taxable
income in an amount equal to twenty per cent of the total amount
of all capital, operation and maintenance costs paid for
manufacturing natural gas-powered products in the taxable year.
* * *
(8) "Natural gas." A fossil fuel consisting of a mixture of
hydrocarbon gases, primarily methane, possibly including ethane,
propane, butane, pentane, carbon dioxide, oxygen, nitrogen and
hydrogen sulfide and other gas species. The term includes gas
from oil fields known as associated gas or casing head gas,
natural gas fields known as nonassociated gas, coal beds, shale
beds and other formations.
(9) "Natural gas-powered product." A Department of Revenue-
approved product or part thereof that uses natural gas as its
primary fuel source.
Section 3. This act shall apply to taxable years beginning
after December 31, 2011.
Section 4. This act shall take effect immediately.
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