PENNSYLVANIA, April 13 - PRINTER'S NO. 568

THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

No.

464

Session of

2021

INTRODUCED BY KEARNEY, CAPPELLETTI, COSTA, FONTANA, HAYWOOD,

STREET AND TARTAGLIONE, APRIL 13, 2021

REFERRED TO FINANCE, APRIL 13, 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 corporate net income tax, further providing

for definitions.

The General Assembly of the Commonwealth of Pennsylvania

hereby enacts as follows:

Section 1. Section 401(3)1 of the act of March 4, 1971

(P.L.6, No.2), known as the Tax Reform Code of 1971, is amended

by adding a paragraph to read:

Section 401. Definitions.--The following words, terms, and

phrases, when used in this article, shall have the meaning

ascribed to them in this section, except where the context

clearly indicates a different meaning:

* * *

(3) "Taxable income." 1. * * *

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