H1219B1694A02152 MSP:EJH 09/27/23 #90 A02152
AMENDMENTS TO HOUSE BILL NO. 1219
Sponsor: REPRESENTATIVE KEPHART
Printer's No. 1694
Amend Bill, page 1, line 11, by inserting after "for"
imposition of tax and for
Amend Bill, page 1, lines 14 and 15, by striking out all of
said lines and inserting
Section 1. Section 402(b) of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, amended
July 8, 2022 (P.L.513, No.53), is amended to read:
Section 402. Imposition of Tax.--* * *
(b) The annual rate of tax on corporate net income imposed
by subsection (a) for taxable years beginning for the calendar
year or fiscal year on or after the dates set forth shall be as
follows:
Taxable Year Tax Rate
January 1, 1995,
through December
31, 2022 9.99%
January 1, 2023,
through December
31, 2023 [8.99%] 7.99%
January 1, 2024,
through December
31, 2024 [8.49%] 6.99%
January 1, 2025,
through December
31, 2025 [7.99%] 5.99%
January 1, 2026,
[through December
31, 2026] and each
taxable year
thereafter
[7.49%] 4.99%
[January 1, 2027,
through December
31, 2027 6.99%
January 1, 2028,
through December
31, 2028 6.49%
January 1, 2029,
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through December
31, 2029 5.99%
January 1, 2030,
through December
31, 2030 5.49%
January 1, 2031, and
each taxable year
thereafter 4.99%]
* * *
Section 2. Section 407.7 of the act is amended to read:
Amend Bill, page 5, line 27, by striking out "2. This" and
inserting
3. The amendment of section 407.7 of the
Amend Bill, page 5, line 29, by striking out "3" and
inserting
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