PENNSYLVANIA, March 10 - PRINTER'S NO. 351

THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

No.

348

Session of

2021

INTRODUCED BY J. WARD, DiSANTO, HUTCHINSON, K. WARD, BROOKS,

MARTIN, STEFANO, PHILLIPS-HILL, BARTOLOTTA, VOGEL, PITTMAN,

DUSH, MASTRIANO AND SCAVELLO, 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, further providing for

classes of income.

The General Assembly of the Commonwealth of Pennsylvania

hereby enacts as follows:

Section 1. Section 303(a)(2) of the act of March 4, 1971

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

to read:

Section 303. Classes of Income.--(a) The classes of income

referred to above are as follows:

* * *

(2) Net profits or net loss. The net income from the

operation of a business, profession, or other activity, after

provision for all costs and expenses incurred in the conduct

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