A04769
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
858
Session of
2023
INTRODUCED BY ROBINSON, COLEMAN, PENNYCUICK, BARTOLOTTA, ROTHMAN
AND PHILLIPS-HILL, JULY 6, 2023
REFERRED TO FINANCE, JULY 6, 2023
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 mutual thrift institutions tax, further
providing for imposition, report and payment of tax and
exemptions.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1502(a) and (d)(2) of the act of March 4,
1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, are
amended to read:
Section 1502. Imposition; Report and Payment of Tax;
Exemptions.--(a) Every institution shall annually, by April 15
of each year [beginning in the year 1984], make a report to the
Department of Revenue, setting forth the entire amount of
taxable net income received or accrued by said institution from
all sources during the preceding year, and such other
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information as the department may require, and upon such taxable
net income the said institution shall pay into the State
Treasury, through the Department of Revenue, for the use of the
Commonwealth, a State excise tax [at the rate of eleven and one-
half per cent for the calendar years 1983, 1984, 1985 and 1986
and fiscal years beginning in 1983, 1984, 1985 and 1986, at the
rate of twenty per cent for calendar years 1987, 1988, 1989 and
1990 and fiscal years beginning in 1987, 1988, 1989 and 1990 and
at the rate of twelve and one-half per cent for calendar year
1991 and fiscal years beginning in 1991 and at the rate of
eleven and one-half per cent for calendar year 1992 and each
calendar year thereafter and fiscal years beginning in 1992 and
each fiscal year thereafter] upon such annual taxable net
income, for the privilege of doing business in the Commonwealth.
The annual rate of the tax imposed by this section for taxable
years beginning for the calendar year or fiscal year on or after
the dates specified shall be as follows:
Taxable Year Tax Rate
January 1, 2023,
through December
31, 2023 8.99%
January 1, 2024,
through December
31, 2024 8.55%
January 1, 2025,
through December
31, 2025 7.95%
January 1, 2026,
through December
31, 2026 7.45%
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January 1, 2027,
through December
31, 2027 6.95%
January 1, 2028,
through December
31, 2028 6.45%
January 1, 2029,
through December
31, 2029 5.95%
January 1, 2030,
through December
31, 2030 5.45%
January 1, 2031, and
each taxable year
thereafter 4.99%
Every institution shall be required to make payment of estimated
tax pursuant to the provisions of sections 3003.2, 3003.3 and
3003.4 of Article XXX for taxable years beginning after December
31, 1991. For taxable years beginning before January 1, 1992,
every institution shall be required to make payment of tentative
tax pursuant to the provisions of Article XXX. The remaining
portion of the tax due shall be paid at the time the report
prescribed herein is required to be made.
* * *
(d) * * *
(2) [The] Beginning with calendar year 2024 and fiscal years
beginning in 2024, the net loss carryover deduction for a
taxable year shall be that amount which is the sum of any net
losses for the preceding [three] ten taxable years, beginning
with the earliest year, to the extent that any such net loss has
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not previously been allowed as a deduction in a prior taxable
year, except that the deduction shall not exceed the amount of
the net income for the current year determined after
apportionment.
* * *
Section 2. This act shall take effect immediately in 120
days.
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