THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

INTRODUCED BY CORMAN AND BRUBAKER, DECEMBER 6, 2011

REFERRED TO FINANCE, DECEMBER 6, 2011  

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 personal income tax, providing for

carryforward of losses by individual taxpayers.

The General Assembly of the Commonwealth of Pennsylvania

hereby enacts as follows:

Section 1.  The act of March 4, 1971 (P.L.6, No.2), known as

the Tax Reform Code of 1971, is amended by adding a section to

read:

Section 304.2.  Carryforward of Losses by Individual

Taxpayers.--(a)  An individual taxpayer required to file a

return under this article shall be entitled to carry forward

loss within a class of income enumerated under section 303.

(b)  There shall be a carryforward period which may not

exceed three taxable years.

(c)  This section shall not apply to losses relating to

income under section 303(a)(7).

Section 2.  This act shall take effect in 60 days.