PENNSYLVANIA, June 25 - PRINTER'S NO. 448

THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

No.

447

Session of

2021

INTRODUCED BY BROOKS, LANGERHOLC, MARTIN, BARTOLOTTA, J. WARD,

HUTCHINSON, STEFANO, PHILLIPS-HILL, DiSANTO, K. WARD,

PITTMAN, AUMENT, BOSCOLA AND MASTRIANO, MARCH 18, 2021

REFERRED TO FINANCE, MARCH 18, 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 imposition of tax.

The General Assembly of the Commonwealth of Pennsylvania

hereby enacts as follows:

Section 1. Section 402(b) 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 402. Imposition of Tax.--* * *

(b) The annual rate of tax on corporate net income imposed

by subsection (a) for taxable years beginning for the calendar

year or fiscal year on or after the dates set forth shall be as

follows:

Taxable Year Tax Rate

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22