Pennsylvania Act 1931-250 — SETTLEMENT OF CAPITAL STOCK IN CORPORATIONS

Act text

AN ACT

Providing for the settlement of capital stock tax in the cases of corporations, joint-stock associations, limited partnerships, and companies which own assets which are exempted or relieved from capital stock tax.

Section 1. Be it enacted, &c., That whenever any corporation, joint-stock association, limited partnership, or company, subject to tax upon its capital stock imposed by and under the laws of this Commonwealth, owns assets which are exempted or relieved from the capital stock tax under the laws of this Commonwealth, the proportion of the capital stock exempted or relieved from the capital stock tax, by reason of the ownership of such assets, shall be the proportion which the value of such assets bears to the value of the total assets owned by such corporation, joint-stock association, limited partnership, or company.

Section 2. The provisions of this act shall be applicable to the settlements of capital stock taxes for the year ending the thirty-first day of December, one thousand nine hundred and thirty, and for all calendar and fiscal years ending thereafter.

Section 3. All acts and parts of acts inconsistent with this act are hereby repealed.