SB 1031: An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in corporate net income tax, repealing provisions relating to penalties and to repealer and effective date; establishing the Net Operating Loss Transfer Program; and imposing penalties.

Plain-language summary

SB 1031 is a bill introduced in the Pennsylvania Senate on October 3, 2025. According to its official title, it concerns: An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in corporate net income tax, repealing provisions relating to penalties and to repealer and effective date; establishing the Net Operating Loss Transfer Program; and imposing penalties. Primary sponsor: Lisa Boscola (Democratic). It lists 4 additional sponsors. Most recent recorded action (October 3, 2025): Referred to Finance.

Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written