PRINTER'S NO. 323
No. 318 Session of 2001
INTRODUCED BY GERLACH, THOMPSON, COSTA, BELL, HOLL AND LOGAN,
FEBRUARY 6, 2001
REFERRED TO FINANCE, FEBRUARY 6, 2001
AN ACT
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 gains from disposition of
11 certain property.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. Section 303(a)(3) of the act of March 4, 1971
15 (P.L.6, No.2), known as the Tax Reform Code of 1971, is amended
16 by adding a subparagraph to read:
17 Section 303. Classes of Income.--(a) The classes of income
18 referred to above are as follows:
19 * * *
20 (3) Net gains or income from disposition of property. Net
21 gains or net income, less net losses, derived from the sale,
22 exchange or other disposition of property, including real
1 property, tangible personal property, intangible personal
2 property or obligations issued on or after the effective date of
3 this amendatory act by the Commonwealth; any public authority,
4 commission, board or other agency created by the Commonwealth;
5 any political subdivision of the Commonwealth or any public
6 authority created by any such political subdivision; or by the
7 Federal Government as determined in accordance with accepted
8 accounting principles and practices. For the purpose of this
9 article:
10 * * *
11 (viii) The term "sale, exchange or other disposition" shall
12 not apply to the sale, exchange or other disposition of the
13 taxpayer's former principal residence located outside this
14 Commonwealth if the sale, exchange or other disposition of the
15 residence occurred within one year of the taxpayer establishing
16 residence in this Commonwealth.
17 * * *
18 Section 2. This act shall apply to sales, exchanges or other
19 dispositions occurring on and after the effective date of this
20 act.
21 Section 3. This act shall take effect in 60 days.
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