PRINTER'S NO. 534
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
556
Session of
2015
INTRODUCED BY McILHINNEY, VULAKOVICH, GREENLEAF, SCHWANK,
HUGHES, MENSCH, YUDICHAK, RAFFERTY AND DINNIMAN,
FEBRUARY 25, 2015
REFERRED TO FINANCE, FEBRUARY 25, 2015
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 realty transfer tax, further providing for
excluded transactions.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1102-C.3 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 clause to read:
Section 1102-C.3. Excluded Transactions.--The tax imposed by
section 1102-C shall not be imposed upon:
* * *
(18.1) A transfer of a conservation easement in perpetuity
having as its purpose the preservation of open space or
agricultural land to the United States, the Commonwealth or any
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of their instrumentalities, agencies or political subdivisions
or a conservancy which possesses a tax-exempt status pursuant to
section 501(c)(3) of the Internal Revenue Code of 1986 (Public
Law 99-514, 26 U.S.C. ยง 501(c)(3)) and which has as its primary
purpose preservation of land for historic, recreational, scenic
agricultural or open-space opportunities.
* * *
Section 2. This act shall take effect immediately.
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