THE GENERAL ASSEMBLY OF PENNSYLVANIA

HOUSE BILL

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

REFERRED TO COMMITTEE ON FINANCE, OCTOBER 29, 2009  

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," further providing for excluded transactions.

The General Assembly of the Commonwealth of Pennsylvania

hereby enacts as follows:

Section 1.  Section 1102-C.3 of the act of March 4, 1971

(P.L.6, No.2), known as the Tax Reform Code of 1971, is amended

by adding a clause to read:

Section 1102-C.3.  Excluded Transactions.--The tax imposed by

section 1102-C shall not be imposed upon:

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(9.3)  A transfer for no or nominal actual consideration of

title to or percentage of interest in real estate held in a

custodial Independent Retirement Account (IRA) on behalf of an

account owner:

(i)  from the custodian of one IRA to another custodian for

the same IRA; or

(ii)  from the custodian of an IRA to the account owner of

the IRA as part of the distribution.

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Section 2.  This act shall take effect in 60 days.