Consideration of SB 1090, SB 1135, SB 1309 and HB 761


April 3, 2012
10:00 a.m.
8E-B East Wing

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Senate Bill 1090 (Corman) – Amends the Tuition Account Programs and College Savings Bond Act to guarantee that the Commonwealth shall meet any obligation to make a payment or refund in any case where the Tuition Account Guaranteed Savings Program Fund cannot meet such obligations. | Bill Analysis

Technical amendment providing an effective date of July 1, 2012.

Senate Bill 1135 (Corman) – Amends Section 303(a.7) of the Tax Reform Code to provide that only amounts paid as a contribution into a qualified tuition program under Tuition Account Programs and College Savings Bond Act shall qualify for a tax deduction. | Bill Analysis

Technical Amendment providing that the legislation shall apply to contributions or rollovers made on or after January 1, 2013.

Senate Bill 1309 (Argall) – Amends the Consolidated County Assessment Law to prohibit a taxing district from appealing the assessment of real property based upon a sale and to clarify the cases in which a taxing district may appeal the assessment of real property. | Bill Analysis
A09699 (Senator Brubaker) – This amendment contains language identical to amendments 09432 and 09651 circulated prior to the last meeting and combines both into one amendment):

i. Authorizes a taxing district to appeal assessments if the appeal will generate revenue equal to or greater than $10,000 per year for the taxing district.
ii. Establishes September 1, 2012 as the deadline for taxpayers to appeal a change in their assessment.
iii.  Prohibits any refund of taxes.
iv.  Provides that the legislation shall be effective June 1, 2012 or immediately whichever is later.

House Bill 761 (Cutler) – Amends the Realty Transfer Tax to exclude the following transactions from tax: the transfer of real estate devoted to the business of agriculture to a family farm business by a member of the same family; and the transfer between members of the same family of an ownership interest in a real estate company or family farm business. | Bill Analysis
A09552 (Senator Brubaker):

i.  Makes the language in the Realty Transfer Tax section consistent with the provisions of Senate Bill 746 (Printer’s No. 1720) which was approved unanimously by the Finance Committee on 10/26/11.
ii.  Adds a new section providing an inheritance tax exclusion for transfers of family property, this is also contained in Senate Bill 746 (Printer’s No. 1720).