PRINTER'S NO. 2322
No. 1903 Session of 1993
INTRODUCED BY STURLA, KUKOVICH, BELARDI, VEON, STEIGHNER,
BATTISTO, TOMLINSON, VAN HORNE, MIHALICH, BUNT, NYCE, MELIO,
CAWLEY, STISH, BELFANTI, CURRY, STETLER, GERLACH, JAROLIN,
FREEMAN AND PETRONE, JUNE 23, 1993
REFERRED TO COMMITTEE ON URBAN AFFAIRS, JUNE 23, 1993
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 realty transfer tax for
11 acquired companies.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. Section 1102-C.5 of the act of March 4, 1971
15 (P.L.6, No.2), known as the Tax Reform Code of 1971, is amended
16 by adding a subsection to read:
17 Section 1102-C.5. Acquired Company.--* * *
18 (a.1) An income beneficiary of a real estate company is an
19 acquired company upon a change in the ownership interest in the
20 income beneficiary, however effected, if the change:
21 (1) does not affect the continuity of the income
1 beneficiary; and
2 (2) of itself or together with prior changes has the effect
3 of transferring, directly or indirectly, twenty per cent or more
4 of the total ownership interest in the income beneficiary within
5 a period of three years.
6 * * *
7 Section 2. This act shall take effect in 60 days.
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