An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in mutual thrift institutions tax, further providing for imposition, report and payment of tax and exemptions.

Summary

The bill changes the excise tax that mutual thrift institutions pay to the Commonwealth, setting a schedule of lower rates from 2025 through 2033. It also revises how net operating losses can be carried forward, limiting the carry‑over period and tying deductions to current year income. Institutions must keep filing annual reports by April 15 and continue making estimated tax payments.

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