Section 216.1. Report to General Assembly.--(a) No later than December 31, 2026, the Department of Revenue shall submit a report to the chairperson and minority chairperson of the Appropriations Committee of the Senate, the chairperson and minority chairperson of the Appropriations Committee of the House of Representatives, the chairperson and minority chairperson of the Finance Committee of the Senate and the chairperson and minority chairperson of the Finance Committee of the House of Representatives indicating the impact of decoupling from certain Federal tax changes made by the One Big Beautiful Bill Act (Public Law 119-21, 139 Stat. 72) on the corporate net income tax imposed under Article IV of the act of March 4, 1971 (P.L.6, No.2), known as the "Tax Reform Code of 1971."
(b) The report required under subsection (a) shall include the following information:
(1) The direct effect decoupling from certain tax provisions contained in the One Big Beautiful Bill Act had on tax revenues received from taxes imposed under Article IV of the "Tax Reform Code of 1971," for the taxable year beginning after December 31, 2024.
(2) The estimated effect that conforming to the Federal tax provisions under section 216(a) would have on tax revenues received from the tax imposed under Article IV of the "Tax Reform Code of 1971." The estimated effect under this paragraph shall be determined for five fiscal years beginning with fiscal year 2027-2028.
(3) The number of taxpayers that were impacted by decoupling from Federal tax provisions under section 216(a) for the taxable year beginning after December 31, 2024.
(4) The estimated reduction in taxes collected under Article IV of the "Tax Reform Code of 1971," by fiscal year, resulting from the annual decrease in the rate of tax under section 402 of the "Tax Reform Code of 1971" and the increase in the allowable net operating loss deduction under section 401.1 of the "Tax Reform Code of 1971," in comparison to the corporate net income tax rate and net operating loss provisions in effect for the 2022 tax year.
(5) The effect on tax collections of the annual rate reduction under section 402 of the "Tax Reform Code of 1971" and the increase in the allowable net operating loss deduction under section 401.1 of the "Tax Reform Code of 1971," in comparison to the fiscal impact of the decoupling provisions under section 216(a).
(216.1 added Nov. 12, 2025, P.L.156, No.45)