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Bill > HB385

PA HB385

PA HB385
In personal income tax, further providing for classes of income; and making a related repeal.

summary

Introduced
02/03/2021
In Committee
06/28/2022
Crossed Over
04/26/2022
Passed
Dead
11/30/2022

Introduced Session

2021-2022 Regular Session

Bill Summary

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 personal income tax, further providing for classes of income; AND MAKING A RELATED REPEAL. <--

AI Summary

This bill amends the Tax Reform Code of 1971 to clarify the treatment of certain income related to COVID-19 relief programs. Specifically, it exempts from state personal income tax the forgiveness of indebtedness for certain covered loans under federal COVID-19 relief legislation, such as the Paycheck Protection Program. The bill also excludes from state personal income tax any payments received by individuals from the federal government under COVID-19 relief programs. Additionally, the bill maintains the applicability of the like-kind exchange (Section 1031) requirements in effect prior to the recent changes made by the federal COVID-related Tax Relief Act of 2020. The bill also includes provisions to ensure a smooth transition from the existing Fiscal Code provisions to the new amendments in the Tax Reform Code.

Committee Categories

Budget and Finance

Sponsors (39)

George Dunbar (R)*,  Mike Armanini (R),  Robert Brooks (R),  Frank Burns (D),  Joe Ciresi (D),  Eric Davanzo (R),  Valerie Gaydos (R),  Mark Gillen (R),  Barb Gleim (R),  Keith Greiner (R),  Seth Grove (R),  Susan Helm (R),  Tim Hennessey (R),  Dianne Herrin (D),  Johnathan Hershey (R),  Carol Hill-Evans (D),  Rich Irvin (R),  Barry Jozwiak (R),  Jerry Knowles (R),  Brandon Markosek (D),  Steve Mentzer (R),  Rob Mercuri (R),  Natalie Mihalek (R),  David Millard (R),  Eric Nelson (R),  Tina Pickett (R),  Nickolas Pisciottano (D),  Greg Rothman (R),  David Rowe (R),  Frank Ryan (R),  Tommy Sankey (R),  Lynda Schlegel-Culver (R),  Brian Smith (R),  Craig Staats (R),  Perry Stambaugh (R),  Jim Struzzi (R),  Wendi Thomas (R),  Perry Warren (D),  Jeff Wheeland (R), 

Last Action

Re-referred to APPROPRIATIONS (on 06/28/2022)

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