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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| SENATE BILL |
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| INTRODUCED BY CORMAN AND BRUBAKER, DECEMBER 6, 2011 |
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| REFERRED TO FINANCE, DECEMBER 6, 2011 |
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| AN ACT |
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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," in personal income tax, providing for |
11 | carryforward of losses by individual taxpayers. |
12 | The General Assembly of the Commonwealth of Pennsylvania |
13 | hereby enacts as follows: |
14 | Section 1. The act of March 4, 1971 (P.L.6, No.2), known as |
15 | the Tax Reform Code of 1971, is amended by adding a section to |
16 | read: |
17 | Section 304.2. Carryforward of Losses by Individual |
18 | Taxpayers.--(a) An individual taxpayer required to file a |
19 | return under this article shall be entitled to carry forward |
20 | loss within a class of income enumerated under section 303. |
21 | (b) There shall be a carryforward period which may not |
22 | exceed three taxable years. |
23 | (c) This section shall not apply to losses relating to |
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1 | income under section 303(a)(7). |
2 | Section 2. This act shall take effect in 60 days. |
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