PRINTER'S NO. 908
No. 825 Session of 1999
INTRODUCED BY DENT, HART, LOEPER, KASUNIC, HELFRICK, CONTI,
TOMLINSON, SALVATORE, COSTA, GERLACH, WAGNER, O'PAKE,
PICCOLA, MADIGAN, PUNT, MELLOW, MOWERY, BELL, MUSTO, CORMAN,
ROBBINS, GREENLEAF, WHITE, LEMMOND, RHOADES, SLOCUM, THOMPSON
AND WAUGH, APRIL 16, 1999
REFERRED TO FINANCE, APRIL 16, 1999
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," reducing the rate of capital stock and franchise
11 tax.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. Section 602(h) of the act of March 4, 1971
15 (P.L.6, No.2), known as the Tax Reform Code of 1971, amended
16 April 23, 1998 (P.L.239, No.45), is amended to read:
17 Section 602. Imposition of Tax.--* * *
18 (h) The rate of tax for purposes of the capital stock and
19 franchise tax for taxable years beginning within the dates set
20 forth shall be as follows:
21 Taxable Year Regular Rate Surtax Total Rate
1 January 1, 1971, to
2 December 31, 1986 10 mills 0 10 mills
3 January 1, 1987, to
4 December 31, 1987 9 mills 0 9 mills
5 January 1, 1988, to
6 December 31, 1990 9.5 mills 0 9.5 mills
7 January 1, 1991, to
8 December 31, 1991 11 mills 2 mills 13 mills
9 January 1, 1992, to
10 December 31, 1997 11 mills 1.75 mills 12.75 mills
11 January 1, 1998, [and
12 each year thereafter]
13 to December 31, 1998 11 mills .99 mills 11.99 mills
14 January 1, 1999, and each
15 year thereafter 10.99 mills 0 10.99 mills
16 Section 2. This act shall apply to the tax years beginning
17 on or after January 1, 1999.
18 Section 3. This act shall take effect immediately.
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