Pennsylvania Act 1935-347 — TAXES, PAYABLE IN ADVANCE

Act text

TAXES, PAYABLE IN ADVANCE
                 Act of Jul. 16, 1935, P.L. 1041, No. 347             Cl. 72
                                  AN ACT

     Authorizing the payment of certain State taxes in advance of the
        due date thereof, allowing a discount where such taxes are
        paid on or before a certain date, and conferring powers and
        imposing duties on the Department of Revenue and the Board of
        Finance and Revenue.

        Section 1.  Be it enacted, &c., That the word "corporation"
     as used in this act shall be construed to include a corporation,
     joint-stock association, limited partnership, company, bank,
     bank and trust company, trust company, title insurance company,
     title insurance and trust company, national banking association,
     insurance company, insurance association, insurance exchange,
     and a political subdivision of the Commonwealth.
        Section 2.  Any corporation which is liable to the payment of
     taxes or required to deduct taxes and pay over the same under
     the provision of any law imposing: (a) A tax on the capital
     stock or a franchise tax on the taxable value of the capital
     stock of corporations, (b) a tax on gross receipts derived from
     business done wholly within this State by public utility
     corporations, (c) a tax on indebtedness issued, assumed, or on
     which interest is paid by corporations, (d) a tax on shares of
     stock of banks and title insurance and trust companies, or (e) a
     tax on gross premiums derived from insurance business in this
     Commonwealth, shall have authority to pay such taxes or any
     portion thereof into the State Treasury in advance of the due
     date thereof, and upon such advance payment to be entitled to
     receive a discount of four per centum (4%), per annum, on the
     amount of tax so paid, which discount shall be calculated from
     the date of the advance payment of the tax to the date such
     taxes actually become due, as ascertained by reference to the
     date when such taxes are actually settled and the time allowed
     by law for payment after settlement.
        Section 3.  Such advance payment may be made on any tax to
     become due and payable on any report or reports to be filed
     during the calendar year one thousand nine hundred thirty-six
     for the calendar year one thousand nine hundred thirty-five or
     for any fiscal year beginning in the calendar year one thousand
     nine hundred thirty-five, except in the case of taxes on gross
     receipts from public utility business, in which case such
     advance payment may be made on reports to be filed on or before
     August first, one thousand nine hundred thirty-six, and February
     first, one thousand nine hundred thirty-seven, for the preceding
     six months ending June thirtieth, one thousand nine hundred
     thirty-six, and December thirty-first, one thousand nine hundred
     thirty-six, respectively.
        Section 4.  In order to receive the benefits of this act, any
     corporation may estimate the amount of the tax, or any portion
     thereof, which it deems it will become liable to pay under the
     provision of any revenue act referred to in section two of this
     act, on reports referred to in section three of the act, file
     such estimate with the Department of Revenue, and concurrently
     therewith pay into the State Treasury through the Department of
     Revenue on or before December fifteenth, one thousand nine
     hundred thirty-five, the amount of tax or any portion to which
     it agrees it will become liable. Such estimates shall be made on
     forms prepared and furnished by the Department of Revenue. Upon
     the receipt of any such advance payment of tax, the Department
     of Revenue shall establish a credit on its books, with respect
     to the proper tax and the proper report to be thereafter filed,
     in favor of the corporation paying the same, to the amount paid
     on account. In the adjustment and settlement of the tax accounts
     of the corporation on future reports filed, proper credits shall
     be allowed on each tax on which an advance payment has so been
     made. The department shall issue its receipt evidencing payment
     on account of taxes under the provisions of this act, which
     shall show the amount of tax paid in advance and the total
     credit established on the books of the department. At the time a
     corporation finally pays any balance due on any taxes on which
     an advance payment was made, the discount for the advance
     payment shall be allowed by the Department of Revenue and be
     deducted from the balance due by the corporation.
        Section 5.  In a case where any corporation, paying taxes in
     advance under the provisions of this act, shall pay an amount
     for any tax period in excess of the amount thereafter found to
     be legally due after the deduction of the discount allowed by
     this act, the Department of Revenue, or the Board of Finance and
     Revenue, as the case may be, shall establish a credit for such
     overpayment to the account of the corporation and issue to the
     corporation a certificate thereof which may be applied against
     any account due or to become due the Commonwealth.
        Section 6.  This act shall not be construed to apply to taxes
     payable: (a) By corporations organized for manufacturing
     purposes, for laundering, or for the processing and curing of
     meats, their products, and by-products under the provisions of
     the act, approved the sixteenth day of May, one thousand nine
     hundred thirty-five (Act Number eighty-six), or (b) by
     corporations under the provisions of the act, approved the
     sixteenth day of May, one thousand nine hundred thirty-five (Act
     Number ninety-one), nor shall this act be construed to apply to
     the six mill increase of the tax on gross receipts imposed under
     the provisions of the act, approved the sixteenth day of May,
     one thousand nine hundred thirty-five (Act Number eighty-nine).
        Section 7.  This act shall become effective immediately upon
     final enactment.