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Senate Finance Committee |
459 Main Capitol Building Harrisburg, PA 17120-3016 (717) 787-1349 |
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Senator Patrick M. Browne |
Stacey M. Connors, Esq Executive Director sconnors@pasen.gov |
Finance Committee Meeting
June 13, 2007
9:30 am in Room 461 Main Capitol
Please click on the bill to view the summary. This will open a PDF file in a new browser.
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Senate Bill 97 (Senator D. White):
Bank shares tax goodwill exclusion. Amends the Tax Reform
Code of 1971, further providing, in bank and trust company
shares tax, for ascertainment of taxable amount and
exclusion of United States obligations. Provides that, for
the value of shares reported on tax returns due on January
1, 2008, and thereafter, any goodwill recorded as a result
of the use of purchase accounting for an acquisition of
combination as described in this section and occurring after
June 30, 2001, may be disregarded in determining the book
value of total assets and the deduction provided for
obligations of the United States. A01292 (Senator Browne): After the introduction of Senate Bill 97, it was noted that the bill as introduced could be interpreted multiple possible ways due to the fact that the bank shares tax statute no longer conforms to the terms used by the federal financial institution regulators’ Reports of Condition (known as "Call Reports") from which the PA bank shares tax base data are drawn. For example, the statute refers to “book value of capital stock paid-in” and “undivided profits.” The Call Reports use “total equity capital” as the sum of various items. The revised language does not change the purpose of the legislation, but merely clarifies that combination goodwill generated as a result of the adoption of FAS 141 is excluded from total equity capital as of the return filed as of January 1, 2008. Senate Bill 375 (Senator Boscola): Amends the Volunteer Firefighter’s Relief Association Act, further providing for structure of volunteer firefighter’s relief associations. Makes charitable corporation exemption permanent once established. Senate Bill 690 (Senator Waugh): Establishing the Resource Enhancement and Protection (REAP) Tax Credit Program. A01390 (Senator Browne): Removes the specific dollar amount caps for fiscal years 2007-08 through 2016-2017, and places a cap on the tax credit of $10 million for fiscal year 2007-08. Senate Bill 961 (Senator Eichelberger): Amends the Local Tax Enabling Act, further providing for earned income tax. This would allow those third class cities that are authorized under Section 607 of Act 205 of 1984 to levy an additional percentage of earned income tax to be used for pensions to petition the court to levy up to an additional 0.05% of earned income tax, provided that the percentage of earned income tax levied under act 205 is cut by the same amount. Eichelberger Amendment: Senator Eichelberger plans to offer an amendment to Senate Bill 961 which will include census language to narrow the scope of the legislation so that it specifically pertains to the City of Hazleton.
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