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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| HOUSE BILL |
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| INTRODUCED BY PETRI, BAKER, BARRAR, BOBACK, BOYD, CLYMER, DeLUCA, ELLIS, FLECK, GABLER, GEIST, GIBBONS, HARHART, HARRIS, HENNESSEY, HESS, HUTCHINSON, M.K. KELLER, MARSICO, MILLARD, MOUL, MURT, O'NEILL, PETRARCA, PYLE, RAPP, READSHAW, ROAE, K. SMITH, SWANGER, TALLMAN, VULAKOVICH AND WATSON, FEBRUARY 8, 2011 |
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| REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 8, 2011 |
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| AN ACT |
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1 | Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An |
2 | act relating to tax reform and State taxation by codifying |
3 | and enumerating certain subjects of taxation and imposing |
4 | taxes thereon; providing procedures for the payment, |
5 | collection, administration and enforcement thereof; providing |
6 | for tax credits in certain cases; conferring powers and |
7 | imposing duties upon the Department of Revenue, certain |
8 | employers, fiduciaries, individuals, persons, corporations |
9 | and other entities; prescribing crimes, offenses and |
10 | penalties," further providing for imposition of the corporate |
11 | net income tax. |
12 | The General Assembly of the Commonwealth of Pennsylvania |
13 | hereby enacts as follows: |
14 | Section 1. Section 402 of the act of March 4, 1971 (P.L.6, |
15 | No.2), known as the Tax Reform Code of 1971, amended June 29, |
16 | 2002 (P.L.559, No.89), is amended to read: |
17 | Section 402. Imposition of Tax.--(a) A corporation shall be |
18 | subject to and shall pay an excise tax for exercising, whether |
19 | in its own name or through any person, association, business |
20 | trust, corporation, joint venture, limited liability company, |
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1 | limited partnership, partnership or other entity, any of the |
2 | following privileges: |
3 | (1) Doing business in this Commonwealth. |
4 | (2) Carrying on activities in this Commonwealth, including |
5 | solicitation which is not protected activity under the act of |
6 | September 14, 1959 (Public Law 86-272, 15 U.S.C. § 381 et seq.). |
7 | (3) Having capital or property employed or used in this |
8 | Commonwealth. |
9 | (4) Owning property in this Commonwealth. |
10 | (b) The annual rate of tax on corporate net income imposed |
11 | by subsection (a) for taxable years beginning for the calendar |
12 | year or fiscal year on or after the dates set forth shall be as |
13 | follows: |
14 | Taxable Year | Tax Rate | 15 16 17 18 19 | January 1, 1995, and each taxable year [thereafter through December 31, 2010 | 9.99%] 9.99% | 20 21 22 23 | January 1, 2011, and each taxable year through December 31, 2011 | 6.99% | 24 25 26 | January 1, 2012, and each taxable year thereafter | 6.25% |
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27 | (c) An entity subject to taxation under Article VII, VIII, |
28 | IX or XV shall not be subject to the tax imposed by this |
29 | article. |
30 | Section 2. This act shall take effect in 60 days. |
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