Section 307. Election by Small Corporation.--Any small corporation may elect not to be taxed as a Pennsylvania S corporation. Such election requires the consent of one hundred per cent of the outstanding shares of the small corporation on the day on which the election is made. A qualified Subchapter S subsidiary owned by a Pennsylvania S corporation shall be treated as a Pennsylvania S corporation whether or not an election has been made with respect to such subsidiary.
(307 amended July 6, 2006, P.L.319, No.67)