Finance Committee Meeting
     June 30, 2010
Off the Floor

• Senate Bill 1255 (Senator Browne): Amends the Tax Reform Code, in sales and use tax, providing for time for filing returns and for time of payment.  Repeals the monthly sales tax remittance requirement that was contained in Act 48 of 2009. 
   
  • Amendment A08257 (Browne):  This amendment resolves concerns raised by the Department of Revenue, and represents a compromise which would require one monthly return, on the 20th of each month; however, each monthly return will be comprised of two payments:  1) an estimated tax for the current month equal to fifty-five percent of the tax they collected and remitted for the same month in the previous year; and, 2) the remainder of the tax due for the prior month, after deduction of any estimated tax previously remitted.
     
• House Bill 2493 (Representative Eachus): Amends the Pennsylvania Municipal Retirement Law, to make technical changes to meet federal IRC tax qualification requirements.  The legislation addresses issues of omission, conflict with IRC requirements, and required reconciliation with current law.  The areas of current law addressed are:  domestic relations orders, includable compensation limits, return to service eligibility requirements, definitions and authorization relating to the Deferred Retirement Option Program (DROP) that meet the requirements of Act 44 of 2009 as well as IRS requirements, authorization to establish a compliance program for the provisions of the Federal Pension Protection Act of 2006, and definition of the provisions of the excess interest award so that the language meets the IRS “Definitely Determinable Benefit” Rule.
   
  • Amendment A08279 (Browne):  This amendment adds a section regarding solicitation of political contributions, to provide that a person or affiliated entity that enters into a professional services contract with the system or any a municipal pension system in the Commonwealth, submits an offer for bids on a professional services contract with the system or any municipal pension system in the Commonwealth, responds to a request for proposal on a professional services contract with the system or any municipal pension system in the Commonwealth, or otherwise solicits a professional services contract with the system or any municipal pension system in the Commonwealth, may not solicit a contribution to a municipal official or candidate for municipal office where the municipal pension system is organized or to the political action committee of that official candidate.  The amendment also repeals section 703-A(b) of the Municipal Pension Plan Funding Standard and Recovery Act, which would is necessary to effectuate the addition of this section.
     
  • Amendment A08298 (Ferlo):  Requires that any municipal plan that is a member of PMRS have at least a 95% funding ration before any benefit enhancements can be granted, including COLAs or increases to member contributions. 
     
• House Bill 2290 (Evans):  Amends the Capital Facilities Debt Enabling Act (Act 1 of 1999), increasing the Commonwealth’s General Obligation borrowing authority for Redevelopment Assistance Capital Projects.