PENNSYLVANIA, June 25 - PRINTER'S NO. 362

THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

No.

368

Session of

2021

INTRODUCED BY BARTOLOTTA, J. WARD, ARGALL, PHILLIPS-HILL,

MENSCH, AUMENT, MASTRIANO, REGAN AND STEFANO, MARCH 10, 2021

REFERRED TO FINANCE, MARCH 10, 2021

AN ACT

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, providing for small

businesses.

The General Assembly of the Commonwealth of Pennsylvania

hereby enacts as follows:

Section 1. The act of March 4, 1971 (P.L.6, No.2), known as

the Tax Reform Code of 1971, is amended by adding a section to

read:

Section 304.3. Small Businesses.--(a) There shall be

allowed as a deduction from income for the taxable year an

amount equal to the net operating loss of a small business.

(b) In the case of any net operating loss arising in a

taxable year beginning after December 31, 2017, and before

January 1, 2022, the following shall apply:

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