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PRINTER'S NO.
PRIOR PRINTER'S NO.
2482 THE GENERAL ASSEMBLY OF PENNSYLVANIA HOUSE BILL Session of No.
2482 PRINTER'S NO.
2137 2021 INTRODUCED BY WENTLING, PEIFER, MIZGORSKI, HILL-EVANS, MALAGARI, CIRESI, JAMES, PENNYCUICK, QUINN AND MERSKI,E, DECEMBER 7, 2021 REFERRED TO COMMITTEE ON FINANCE, DECEMBER 7, 2021 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;
2520 THE GENERAL ASSEMBLY OF PENNSYLVANIA HOUSE BILL Session of No.
2137 2021 INTRODUCED BY WENTLING, PEIFER, MIZGORSKI, HILL-EVANS, LONGIETTI, ROZZI, BROOKS, RYAN, R.
MACKENZIE, BERNSTINE, MALAGARI, CIRESI, JAMES, PENNYCUICK, QUINN, MERSKI AND WEBSTER, DECEMBER 7, 2021 AS REPORTED FROM COMMITTEE ON FINANCE, HOUSE OF REPRESENTATIVES, AS AMENDED, DECEMBER 14, 2021 AN ACT Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An and enumerating certain subjects of taxation and imposingg taxes thereon;
conferring powers and imposing duties upon the Department of Revenue, certain and other entities;
conferring powers and imposing duties upon the Department of Revenue, certain employers, fiduciaries, individuals, persons, corporations and other entities;
prescribing crimes, offenses andations penalties," in personal income tax, further providing for classes of income.
prescribing crimes, offenses and penalties," in personal income tax, further providing for classes of income.
Classes of Income.--* * * (a.11) Any amount of principal and interest canceled by the United States Secretary of Education under section 455(m) of the Higher Education Act of 1965 (Public Law 89-329, 20 U.S.C.
Classes of Income.--* * * (a.11) Any amount of principal and interest canceled by the <-- United States Secretary of Education under section 455(m) of the Higher Education Act of 1965 (Public Law 89-329, 20 U.S.C.
(A.11) THE FOLLOWING SHALL NOT BE SUBJECT TO TAX UNDER THIS <-- ARTICLE:
(1) ANY AMOUNT OF PRINCIPAL AND INTEREST CANCELED BY THE UNITED STATES SECRETARY OF EDUCATION UNDER SECTION 455(M) OF THE HIGHER EDUCATION ACT OF 1965 (PUBLIC LAW 89-329, 20 U.S.C.
1087E(M)).
(2) ANY AMOUNT OF PRINCIPAL AND INTEREST EXCLUDED AS GROSS INCOME BY REASON OF DISCHARGE DURING THE EXCLUSIONARY PERIOD UNDER SECTION 108(F)(5) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED BY SECTION 9675 OF SUBTITLE G OF TITLE IX OF THE AMERICAN RESCUE PLAN ACT OF 2021 (PUBLIC LAW 117-2, 135 STAT.
4).
FOR THE PURPOSES OF THIS CLAUSE, THE PHRASE "EXCLUSION PERIOD" MEANS THE PERIOD OF TIME AFTER DECEMBER 31, 2020, AND BEFORE JANUARY 1, 2026.
20210HB2137PN2482 - 2 -
20210HB2137PN2520 - 2 -
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