Bill Text: PA SB253 | 2009-2010 | Regular Session | Introduced

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Bill Title: Further providing for the imposition of the personal income tax and authorizing the offsetting of gains and losses among the various classes of income.

Spectrum: Partisan Bill (Republican 11-0)

Status: (Introduced - Dead) 2009-02-19 - Referred to FINANCE [SB253 Detail]

Download: Pennsylvania-2009-SB253-Introduced.html

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PRINTER'S NO. 257
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No. 253 Session of2009
INTRODUCED BY CORMAN, EARLL, EICHELBERGER, ORIE, ALLOWAY, WAUGH, PIPPY, BAKER, RAFFERTY, ERICKSON AND BRUBAKER, FEBRUARY 19, 2009
REFERRED TO FINANCE, FEBRUARY 19, 2009
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," further providing for the imposition of the
personal income tax and authorizing the offsetting of gains
and losses among the various classes of income.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 302 of the act of March 4, 1971 (P.L.6,
No.2), known as the Tax Reform Code of 1971, amended December
23, 2003 (P.L.250, No.46), is amended to read:
Section 302. Imposition of Tax.--(a) Every resident
individual, estate or trust shall be subject to, and shall pay
for the privilege of receiving [each of the classes of] income
[hereinafter enumerated in section 303], a tax upon each dollar
of income received by that resident during that resident's
taxable year at the rate of three and seven hundredths per cent.
(b) Every nonresident individual, estate or trust shall be
subject to, and shall pay for the privilege of receiving [each
of the classes of] income [hereinafter enumerated in section
303] from sources within this Commonwealth, a tax upon each
dollar of income received by that nonresident during that
nonresident's taxable year at the rate of three and seven
hundredths per cent.
Section 2. Section 303(a) introductory paragraph of the act,
added August 31, 1971 (P.L.362, No.93), is amended and the
section is amended by adding a subsection to read:
Section 303. Classes of Income.--(a) The classes of income
[referred to above] are as follows:
* * *
(a.8) (1) Subject to the limitation under paragraph (2),
for the tax year beginning January 1, 2008, and each tax year
thereafter, a taxpayer may offset the gains or losses within one
class of income with the gains or losses occurring within
another class of income.
(2) Gains or losses under subsection (a)(7) shall be limited
solely to that class of income. Losses within this particular
class of income may not be used to offset any gain in any other
class of income.
* * *
Section 3. This act shall take effect immediately.
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