summary
Introduced
01/31/2023
01/31/2023
In Committee
05/09/2024
05/09/2024
Crossed Over
05/07/2024
05/07/2024
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
Potential new amendment
2023-2024 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 <-- IMPOSITION OF TAX; IN GROSS RECEIPTS TAX, FURTHER PROVIDING FOR IMPOSITION OF TAX, PROVIDING FOR TRANSFERS TO ALTERNATIVE FUELS INCENTIVE FUND AND FURTHER PROVIDING FOR ESTABLISHMENT OF REVENUE-NEUTRAL RECONCILIATION; in tax credit and tax benefit administration, further providing for definitions; providing for volunteer certified emergency medical technician tax credit; and imposing duties on the Department <-- of Revenue.; ELIMINATING THE TAX IMPOSED UPON EACH DOLLAR OF <-- THE GROSS RECEIPTS RECEIVED FROM THE SALES OF ELECTRIC ENERGY; PROVIDING FOR THE BENEFIT OF CONSUMERS AND FOR A CIVIL PENALTY; AND MAKING A REPEAL.
AI Summary
This bill amends the Tax Reform Code of 1971 to:
1) Reduce the personal income tax rate from 3.07% to 2.8% for both resident and non-resident individuals, estates, and trusts.
2) Establish a new transfer of $6 million annually from the personal income tax revenue to the Alternative Fuels Incentive Fund, starting in fiscal year 2024-2025.
3) Eliminate the gross receipts tax on the sale of electric energy, with the benefit of this elimination required to be passed on to consumers in the form of reduced or eliminated state tax surcharges. Failure to do so can result in civil penalties.
4) Create a new tax credit of up to $500 for active volunteer certified emergency medical technicians who meet certain eligibility criteria, such as being a Pennsylvania resident with at least 2 years of service and a 20% response rate.
The bill also includes various effective dates, reporting requirements, and transition provisions related to these changes.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (10)
Chris Gebhard (R)*,
Michele Brooks (R),
Maria Collett (D),
Jay Costa (D),
Jimmy Dillon (D),
Scott Hutchinson (R),
Wayne Langerholc (R),
Devlin Robinson (R),
Pat Stefano (R),
Judy Ward (R),
Last Action
Referred to FINANCE (on 05/09/2024)
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