PENNSYLVANIA, June 7 - HOUSE AMENDED

PRIOR PRINTER'S NO. 350

PRINTER'S NO. 1717

THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

No.

347

Session of

2021

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

BROOKS, DUSH, MARTIN, MASTRIANO, PHILLIPS-HILL, PITTMAN,

SCAVELLO, STEFANO, VOGEL AND AUMENT, MARCH 10, 2021

AS REPORTED FROM COMMITTEE ON FINANCE, HOUSE OF REPRESENTATIVES,

AS AMENDED, JUNE 7, 2022

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; AND, IN CORPORATE NET INCOME TAX, FURTHER

PROVIDING FOR DEFINITIONS.

The General Assembly of the Commonwealth of Pennsylvania

hereby enacts as follows:

Section 1. Section 303(a.5) 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.5) The requirements of [section] sections 1031 and 1035

of the Internal Revenue Code of 1986 (26 U.S.C. [§ 1035] §§ 1031

and 1035), as amended, shall be applicable.

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