In personal income tax, further providing for definitions and...
An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in personal income tax, further providing for definitions and for classes of income.
This bill, HB22, proposes changes to the personal income tax by clarifying definitions and categories of income. Specifically, it amends the Tax Reform Code of 1971 to provide more precise definitions and classifications of income, which could affect how individuals report and pay their taxes.
The changes would impact all taxpayers by potentially altering how certain types of income are treated under the tax code. This might lead to adjustments in tax liabilities for individuals and businesses, depending on how these new definitions are applied.
HB22 was introduced on January 8, 2025, and has been referred to the House Finance Committee for further review. No actions have been taken yet, and the bill is currently in the early stages of the legislative process. It was sponsored by a bipartisan group of representatives, indicating a collaborative effort to review and update tax definitions.