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PA HB788

Bill

Official Source

Status

Introduced

3/3/2025

Primary Sponsor

Robert Merski

Click for details

Origin

House of Representatives

2025-2026 Regular Session

AI Summary

  • Reduces the mutual thrift institutions tax rate from 11.5% to 4.99% over nine years: 8.99% in 2025, decreasing annually to 4.99% in 2033 and thereafter
  • Extends the net loss carryover deduction period from 3 years to 10 years, beginning with calendar year 2026 and fiscal years beginning in 2026
  • Amends Section 1502 of the Tax Reform Code of 1971 governing taxation of mutual thrift institutions (savings banks, savings and loan associations)
  • Takes effect 120 days after enactment

Legislative Description

In mutual thrift institutions tax, further providing for imposition, report and payment of tax and exemptions.

Last Action

Laid on the table

2/4/2026

Committee Referrals

Finance3/3/2025

Full Bill Text

No bill text available