PENNSYLVANIA, June 1 - PRINTER'S NO. 795

THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

No.

742

Session of

2023

INTRODUCED BY HUTCHINSON, AUMENT, STEFANO, BAKER, COLEMAN,

ROBINSON, COSTA AND BARTOLOTTA, JUNE 1, 2023

REFERRED TO FINANCE, JUNE 1, 2023

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 bank and trust company shares tax, further

providing for ascertainment of taxable amount and exclusion

of United States obligations.

The General Assembly of the Commonwealth of Pennsylvania

hereby enacts as follows:

Section 1. Section 701.1(b), (b.1) and (c) of the act of

March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of

1971, are amended to read:

Section 701.1. Ascertainment of Taxable Amount; Exclusion of

United States Obligations.--* * *

(b) A deduction for the value of United States obligations

shall be provided from the taxable amount of shares in an amount

equal to the same percentage of total bank equity capital as the

book value of obligations of the United States bears to the book

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