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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| HOUSE BILL |
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| INTRODUCED BY MANDERINO, DENLINGER, BELFANTI, BEYER, BOYD, CARROLL, CUTLER, FREEMAN, GODSHALL, GRUCELA, JOSEPHS, LEVDANSKY, LONGIETTI, MANN, McILVAINE SMITH, MUNDY, MURPHY, MUSTIO, ROSS, SIPTROTH, MILLER, FRANKEL, MICOZZIE AND HESS, OCTOBER 29, 2009 |
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| REFERRED TO COMMITTEE ON FINANCE, OCTOBER 29, 2009 |
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| AN ACT |
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1 | Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An |
2 | act relating to tax reform and State taxation by codifying |
3 | and enumerating certain subjects of taxation and imposing |
4 | taxes thereon; providing procedures for the payment, |
5 | collection, administration and enforcement thereof; providing |
6 | for tax credits in certain cases; conferring powers and |
7 | imposing duties upon the Department of Revenue, certain |
8 | employers, fiduciaries, individuals, persons, corporations |
9 | and other entities; prescribing crimes, offenses and |
10 | penalties," further providing for excluded transactions. |
11 | The General Assembly of the Commonwealth of Pennsylvania |
12 | hereby enacts as follows: |
13 | Section 1. Section 1102-C.3 of the act of March 4, 1971 |
14 | (P.L.6, No.2), known as the Tax Reform Code of 1971, is amended |
15 | by adding a clause to read: |
16 | Section 1102-C.3. Excluded Transactions.--The tax imposed by |
17 | section 1102-C shall not be imposed upon: |
18 | * * * |
19 | (9.3) A transfer for no or nominal actual consideration of |
20 | title to or percentage of interest in real estate held in a |
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1 | custodial Independent Retirement Account (IRA) on behalf of an |
2 | account owner: |
3 | (i) from the custodian of one IRA to another custodian for |
4 | the same IRA; or |
5 | (ii) from the custodian of an IRA to the account owner of |
6 | the IRA as part of the distribution. |
7 | * * * |
8 | Section 2. This act shall take effect in 60 days. |
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