PRINTER'S NO. 1688
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
1254
Session of
2022
INTRODUCED BY VOGEL, HAYWOOD, SAVAL, KEARNEY, ARGALL, COLLETT,
KANE, COSTA, PITTMAN, BARTOLOTTA, MARTIN, STEFANO, YAW,
DiSANTO, CAPPELLETTI, LAUGHLIN AND FONTANA, JUNE 1, 2022
REFERRED TO URBAN AFFAIRS AND HOUSING, JUNE 1, 2022
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
transfer of tax.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1102-C.6(b) of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, is amended
to read:
Section 1102-C.6. Transfer of Tax.--* * *
(b) The amount transferred under subsection (a) may not
exceed [forty million dollars ($40,000,000).]
(1) Forty million dollars ($40,000,000) in any fiscal
year through the fiscal year commencing July 1, 2021.
(2) Fifty-five million dollars ($55,000,000) in the
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fiscal year commencing July 1, 2022.
(3) Seventy-five million dollars ($75,000,000) in the
fiscal year commencing July 1, 2023.
(4) One hundred million dollars ($100,000,000) in the
fiscal year commencing July 1, 2024, and each fiscal year
thereafter.
* * *
Section 2. This act shall take effect immediately.
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