PRINTER'S NO. 2024
No. 1531 Session of 1990
INTRODUCED BY DAWIDA, JONES, PORTERFIELD, REIBMAN, LYNCH,
FATTAH, STOUT, BELAN AND LEWIS, MARCH 20, 1990
REFERRED TO FINANCE, MARCH 20, 1990
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 disposition of the revenues
11 of the realty transfer tax.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. Section 1106-C of the act of March 4, 1971
15 (P.L.6, No.2), known as the Tax Reform Code of 1971, amended
16 July 2, 1986 (P.L.318, No.77), is amended to read:
17 Section 1106-C. Furnishing Stamps.--(a) The department
18 shall prescribe, prepare and furnish stamps to each recorder of
19 deeds, of such denominations and quantities as may be necessary,
20 for the payment of the tax imposed and assessed by this article.
21 (b) The department shall allow each county a commission
22 equal to one per cent of the face value of the stamps sold or
1 two hundred fifty dollars ($250) whichever is greater. The
2 recorder of deeds shall pay the commission herein allowed to the
3 general fund of the county. The department shall pay the premium
4 or premiums on any bond or bonds required by law to be procured
5 by recorder of deeds for the performance of their duties under
6 this article.
7 (c) [All] (1) Fifteen per cent of the moneys paid into the
8 State Treasury during the effective period of this article shall
9 be deposited in the Housing Initiative Fund established under
10 the act of (P.L. , No. ), known as the "Housing
11 Initiative Law."
12 (2) The remainder of the moneys paid into the State Treasury
13 during the effective period of this article shall be credited to
14 the General Fund.
15 Section 2. This act shall take effect in 30 days.
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