THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

INTRODUCED BY BROWNE, ORIE, FOLMER, PILEGGI, RAFFERTY, O'PAKE, ERICKSON, FERLO, WOZNIAK, WAUGH, M. WHITE, BOSCOLA AND COSTA, 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, in personal income tax, for

classes of income; and providing, in corporate net income

tax, for applicability of Federal law.

The General Assembly of the Commonwealth of Pennsylvania

thereby enacts as follows:

Section 1.  Section 303 of the act of March 4, 1971 (P.L.6,

No.2), known as the Tax Reform Code of 1971, is amended by

adding a subsection to read:

Section 303.  Classes of Income.--* * *

(a.8)  The requirements of section 1033 of the Internal

Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 1033), as

amended, shall be applicable.

* * *

Section 2.  The act is amended by adding a section to read:

Section 402.3.  Applicability of Federal Law.--The

requirements of section 1033 of the Internal Revenue Code of

1986 (Public Law 99-514, 26 U.S.C. § 1033), as amended, shall be

applicable.

Section 3.  This act shall take effect in 60 days.