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PA HB959
Bill
Status
3/18/2025
Primary Sponsor
Barbara Gleim
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AI Summary
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Requires the Commonwealth to pay simple interest on tax overpayments to taxpayers, calculated from the date of overpayment until refund or credit is issued
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Sets the interest rate on unpaid taxes owed to the Commonwealth at the federal rate established by the U.S. Secretary of the Treasury, effective January 1 of each calendar year
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Interest rate paid on overpayments to taxpayers will be 2% less than the rate charged for underpayments, except for personal income tax overpayments which receive the same rate
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No interest is owed on overpayments if refunded within 60 days of the filing deadline, or if the taxpayer elects to carry forward the credit to a future tax year
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Repeals Sections 806 and 806.1 of The Fiscal Code and transfers interest provisions to the Tax Reform Code of 1971, with the act taking effect in 60 days
Legislative Description
In personal income tax, further providing for refund or credit of overpayment and providing for interest on refund or credit of overpayments; in general provisions, providing for interest on taxes due the Commonwealth and for interest on overpayments; and making repeals.
Last Action
Referred to Finance
3/18/2025