Pennsylvania Act 1927-177 — CAPITAL STOCK TAX ASSESSMENT

Act text

AN ACT

Providing for a more equitable method of assessing capital stock tax against corporations, limited partnerships, joint stock associations, and companies, in certain cases.

Section 1. Be it enacted, &c., That whenever any corporation, limited partnership, joint-stock association, or company, incorporated or formed under the laws of this Commonwealth, and liable to the payment of tax upon its capital stock, or specifically exempted therefrom under the laws of this Commonwealth, shall own, either directly or through subsidiary or sub-subsidiary corporations, a majority of the total issued and outstanding shares of voting stock of any corporation, limited partnership, joint-stock association or company, then, in such cases, so much of the value of all shares of stock, so owned in such other corporation, limited partnership, joint-stock association, or company, as represents property or assets located or having a legal situs without this Commonwealth, shall not be liable to taxation, under the laws of this Commonwealth providing for the taxation of capital stock of corporations, limited partnerships, joint-stock associations, and companies, but shall be excluded in determining the value of the capital stock of such owning company for purposes of taxation.

(1 amended June 22, 1931, P.L.687, No.252)

Section 2. In order to enable the Department of Revenue to carry out the intent of this act, all corporations, limited partnerships, joint-stock associations, and companies shall file, with their annual report, a statement giving such information as the Department of Revenue shall require.

(2 amended June 22, 1931, P.L.687, No.252)

Section 3. 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-one, and thereafter, and for any fiscal year ending during the year one thousand nine hundred and thirty-one, and thereafter.

(3 amended June 22, 1931, P.L.687, No.252)

Section 4. The provisions of this act are severable and, in the event of any provisions hereof being declared unconstitutional, it is hereby declared as the legislative intent that such unconstitutional provisions shall not affect the validity of this act.

Section 5. All acts and parts of acts inconsistent with this act are hereby repealed.