PRIOR PRINTER'S NOS. 698, 1294, 1428,
1433 PRINTER'S NO. 1815
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No. 654
Session of
2023
INTRODUCED BY BARTOLOTTA, YAW, HUTCHINSON, PENNYCUICK, ROTHMAN,
BAKER, DUSH, VOGEL AND SCHWANK, MAY 2, 2023
AMENDMENTS TO HOUSE AMENDMENTS, IN SENATE, JULY 11, 2024
AN ACT
1 Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An <--
2 act relating to tax reform and State taxation by codifying
3 and enumerating certain subjects of taxation and imposing
4 taxes thereon; providing procedures for the payment,
5 collection, administration and enforcement thereof; providing
6 for tax credits in certain cases; conferring powers and
7 imposing duties upon the Department of Revenue, certain
8 employers, fiduciaries, individuals, persons, corporations
9 and other entities; prescribing crimes, offenses and
10 penalties," in personal income tax, further providing for
11 classes of income; and establishing the Public Transportation
12 Trust Fund.
13 AMENDING THE ACT OF MARCH 4, 1971 (P.L.6, NO.2), ENTITLED "AN <--
14 ACT RELATING TO TAX REFORM AND STATE TAXATION BY CODIFYING
15 AND ENUMERATING CERTAIN SUBJECTS OF TAXATION AND IMPOSING
16 TAXES THEREON; PROVIDING PROCEDURES FOR THE PAYMENT,
17 COLLECTION, ADMINISTRATION AND ENFORCEMENT THEREOF; PROVIDING
18 FOR TAX CREDITS IN CERTAIN CASES; CONFERRING POWERS AND
19 IMPOSING DUTIES UPON THE DEPARTMENT OF REVENUE, CERTAIN
20 EMPLOYERS, FIDUCIARIES, INDIVIDUALS, PERSONS, CORPORATIONS
21 AND OTHER ENTITIES; PRESCRIBING CRIMES, OFFENSES AND
22 PENALTIES," IN SALES AND USE TAX, FURTHER PROVIDING FOR
23 EXCLUSIONS FROM TAX; IN PERSONAL INCOME TAX, FURTHER
24 PROVIDING FOR DEFINITIONS AND FOR CLASSES OF INCOME AND
25 PROVIDING FOR TRANSFER TO CLEAN STREAMS FUND; IN CORPORATE
26 NET INCOME TAX, FURTHER PROVIDING FOR DEFINITIONS AND
27 PROVIDING FOR DETERMINATION OF NET LOSS DEDUCTION; IN BANK
28 AND TRUST COMPANY SHARES TAX, FURTHER PROVIDING FOR
29 ASCERTAINMENT OF TAXABLE AMOUNT AND EXCLUSION OF UNITED
30 STATES OBLIGATIONS; IN REALTY TRANSFER TAX, FURTHER PROVIDING
31 FOR TRANSFER OF TAX; IN HISTORIC PRESERVATION INCENTIVE TAX
32 CREDIT, FURTHER PROVIDING FOR TAX CREDIT CERTIFICATES; IN
33 COAL REFUSE ENERGY AND RECLAMATION TAX CREDIT, FURTHER
 1 PROVIDING FOR APPLICATION AND APPROVAL OF TAX CREDIT AND FOR
2 LIMITATION ON TAX CREDITS; IN CITY REVITALIZATION AND
3 IMPROVEMENT ZONES, FURTHER PROVIDING FOR DEFINITIONS, FOR
4 ESTABLISHMENT OR DESIGNATION OF CONTRACTING AUTHORITY, FOR
5 APPROVAL, FOR REPORTS, FOR TRANSFERS, FOR RESTRICTIONS, FOR
6 TRANSFER OF PROPERTY AND FOR REVIEW; IN MANUFACTURING AND
7 INVESTMENT TAX CREDIT, FURTHER PROVIDING FOR DEFINITIONS, FOR
8 RURAL GROWTH FUNDS, FOR CLAIMING THE TAX CREDIT AND FOR
9 REVOCATION OF TAX CREDIT CERTIFICATES; IN NEIGHBORHOOD
10 ASSISTANCE TAX CREDIT, FURTHER PROVIDING FOR TAX CREDIT AND
11 FOR GRANT OF TAX CREDIT; PROVIDING FOR 529 SAVINGS ACCOUNT
12 EMPLOYER MATCHING CONTRIBUTION TAX CREDIT AND FOR EMPLOYER
13 CHILD CARE CONTRIBUTION TAX CREDIT; IN COMPUTER DATA CENTER
14 EQUIPMENT INCENTIVE PROGRAM, FURTHER PROVIDING FOR
15 DEFINITIONS AND FOR SALES AND USE TAX EXEMPTION; PROVIDING
16 FOR TUITION ACCOUNT PROGRAMS; AND MAKING AN EDITORIAL CHANGE.
17 The General Assembly of the Commonwealth of Pennsylvania
18 hereby enacts as follows:
19 Section 1. Section 303 of the act of March 4, 1971 (P.L.6, <--
20 No.2), known as the Tax Reform Code of 1971, is amended by
21 adding a subsection to read:
22 Section 303. Classes of Income.--* * *
23 (a.11) (1) Except as provided under paragraph (2), a
24 taxpayer who has partial or full ownership of land on which
25 taxable income is generated from the mining, extraction or
26 production of oil, gas, ores, minerals or other natural
27 resources of a mine, oil or gas well or other natural deposit
28 occurs may claim a deduction for depletion of a mine, oil and
29 gas well and other natural deposit in accordance with the
30 provisions of sections 611, 612, 613, 613A, 614, 616 and 617 of
31 the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C.
32 § 611 et seq.) in effect on the effective date of this
33 paragraph.
34 (2) Once a taxpayer has recovered the original basis in the
35 property, the taxpayer is no longer eligible for the deduction
36 under paragraph (1).
37 * * *
38 Section 2. The act is amended by adding an article to read:
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 1 ARTICLE XXIII-A
2 PUBLIC TRANSPORTATION TRUST FUND
3 Section 2301-A. Transfers to Public Transportation Trust Fund.
4 Notwithstanding 74 Pa.C.S. § 1506(c)(1) (relating to fund),
5 6.15% of the amount collected under Article II shall be
6 deposited into the Public Transportation Trust Fund annually by
7 the 20th day of each month for the preceding month.
8 Section 2302-A. Annual increase.
9 Notwithstanding 74 Pa.C.S. § 1513(c)(3) and (d)(2) (relating
10 to operating program), the total financial assistance provided
11 to each local transportation organization may exceed 20% of the
12 prior year allocation and the Secretary of Transportation may
13 adjust and hold harmless the amount of annual increase in local
14 match under 74 Pa.C.S. § 1513(d)(2) for a period of five fiscal
15 years beginning in fiscal year 2024-2025.
16 Section 3. The addition of section 303(a.11) of the act
17 shall apply to tax years beginning after December 31, 2023.
18 Section 4. This act shall take effect as follows:
19 (1) The addition of Article XXIII-A of the act shall
20 take effect July 1, 2024.
21 (2) The remainder of this act shall take effect
22 immediately.
23 SECTION 1. SECTION 204 OF THE ACT OF MARCH 4, 1971 (P.L.6, <--
24 NO.2), KNOWN AS THE TAX REFORM CODE OF 1971, IS AMENDED BY
25 ADDING A CLAUSE TO READ:
26 SECTION 204. EXCLUSIONS FROM TAX.--THE TAX IMPOSED BY
27 SECTION 202 SHALL NOT BE IMPOSED UPON ANY OF THE FOLLOWING:
28 * * *
29 (76) THE SALE AT RETAIL OR USE OF SERVICES RELATED TO THE
30 CLEANING OR MAINTENANCE OF A STORAGE TRAP UTILIZED BY A FOOD
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 1 SERVICE OR RESTAURANT ESTABLISHMENT TO COLLECT GREASE WASTE.
2 SECTION 2. SECTION 301 OF THE ACT IS AMENDED BY ADDING
3 SUBSECTIONS TO READ:
4 SECTION 301. DEFINITIONS.--ANY REFERENCE IN THIS ARTICLE TO
5 THE INTERNAL REVENUE CODE OF 1986 SHALL MEAN THE INTERNAL
6 REVENUE CODE OF 1986 (PUBLIC LAW 99-514, 26 U.S.C. § 1 ET SEQ.),
7 AS AMENDED TO JANUARY 1, 1997, UNLESS THE REFERENCE CONTAINS THE
8 PHRASE "AS AMENDED" AND REFERS TO NO OTHER DATE, IN WHICH CASE
9 THE REFERENCE SHALL BE TO THE INTERNAL REVENUE CODE OF 1986 AS
10 IT EXISTS AS OF THE TIME OF APPLICATION OF THIS ARTICLE. THE
11 FOLLOWING WORDS, TERMS AND PHRASES WHEN USED IN THIS ARTICLE
12 SHALL HAVE THE MEANING ASCRIBED TO THEM IN THIS SECTION EXCEPT
13 WHERE THE CONTEXT CLEARLY INDICATES A DIFFERENT MEANING:
14 * * *
15 (O.5) "QUALIFIED STUDENT LOAN" MEANS INDEBTEDNESS INCURRED
16 BY A TAXPAYER TO PAY EDUCATIONAL EXPENSES, WHICH ARE:
17 (1) INCURRED ON BEHALF OF THE TAXPAYER AT THE TIME THE
18 INDEBTEDNESS IS INCURRED;
19 (2) PAID OR INCURRED WITHIN A REASONABLE PERIOD OF TIME
20 BEFORE OR AFTER THE INDEBTEDNESS IS INCURRED; AND
21 (3) ATTRIBUTABLE TO EDUCATION FURNISHED DURING A PERIOD IN
22 WHICH THE RECIPIENT IS A STUDENT.
23 THE TERM INCLUDES INDEBTEDNESS USED TO REFINANCE INDEBTEDNESS
24 THAT QUALIFIES AS A A QUALIFIED STUDENT LOAN. THE TERM DOES NOT
25 INCLUDE INDEBTEDNESS OWED BY A TAXPAYER TO A PERSON RELATED TO
26 THE TAXPAYER.
27 * * *
28 (T.1) "STUDENT LOAN INTEREST" MEANS INTEREST PAID DURING THE
29 TAXABLE YEAR ON A QUALIFIED STUDENT LOAN, INCLUDING REQUIRED AND
30 VOLUNTARY INTEREST PAYMENTS, TO ATTEND A COLLEGE, UNIVERSITY,
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 1 VOCATIONAL SCHOOL OR OTHER POSTSECONDARY EDUCATIONAL INSTITUTION
2 ELIGIBLE TO PARTICIPATE IN A STUDENT AID PROGRAM ADMINISTERED BY
3 THE UNITED STATES DEPARTMENT OF EDUCATION.
4 * * *
5 SECTION 3. SECTION 303(A.7)(2)(I)(B) OF THE ACT IS AMENDED,
6 THE SUBSECTION IS AMENDED BY ADDING A PARAGRAPH AND THE SECTION
7 IS AMENDED BY ADDING CLAUSES TO READ:
8 SECTION 303. CLASSES OF INCOME.--* * *
9 (A.7) THE FOLLOWING APPLY:
10 * * *
11 (2) (I) THE FOLLOWING SHALL NOT BE SUBJECT TO TAX UNDER
12 THIS ARTICLE:
13 * * *
14 (B) [ANY ROLLOVER THAT IS EXCLUDABLE FROM TAX UNDER SECTION
15 529(C)(3)(C) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.]
16 ANY DISTRIBUTION THAT IS EXCLUDABLE FROM TAX UNDER SECTION 529
17 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.
18 * * *
19 (E) ANY AMOUNT RECEIVED BY AN EMPLOYE THROUGH AN EMPLOYER'S
20 MATCHING CONTRIBUTION TO AN ACCOUNT AS DEFINED UNDER ARTICLE
21 XIX-J.
22 * * *
23 (7) AN AMOUNT RECEIVED FROM THE FEDERAL OR STATE GOVERNMENT
24 OR NORFOLK SOUTHERN RAILWAY, OR AN AGENT THEREOF, AS A RESULT OF
25 THE TRAIN DERAILMENT THAT OCCURRED IN EAST PALESTINE, OHIO, ON
26 FEBRUARY 3, 2023, SHALL NOT BE CONSIDERED INCOME SUBJECT TO THE
27 TAX IMPOSED BY THIS ARTICLE.
28 * * *
29 (A.11) THE AMOUNT OF STUDENT LOAN INTEREST PAID DURING A
30 TAXABLE YEAR BY A RESIDENT INDIVIDUAL SHALL BE DEDUCTIBLE FROM
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 1 TAXABLE INCOME ON THE ANNUAL PERSONAL INCOME TAX RETURN,
2 PROVIDED THAT THE DEDUCTION MAY NOT:
3 (1) EXCEED TWO THOUSAND FIVE HUNDRED DOLLARS ($2,500) PER
4 TAXABLE YEAR; AND
5 (2) RESULT IN TAXABLE INCOME BEING LESS THAN ZERO.
6 (A.12) A PERSON MAY CLAIM A DEDUCTION FOR DEPLETION OF A
7 MINE, OIL AND GAS WELL AND OTHER NATURAL DEPOSIT IN ACCORDANCE
8 WITH THE PROVISIONS OF SECTIONS 611, 612, 613, 613A, 614, 616
9 AND 617 OF THE INTERNAL REVENUE CODE OF 1986 (PUBLIC LAW 99-514,
10 26 U.S.C. § 611 ET SEQ.) IN EFFECT ON THE EFFECTIVE DATE OF THIS
11 SUBSECTION.
12 * * *
13 SECTION 4. THE ACT IS AMENDED BY ADDING A SECTION TO READ:
14 SECTION 360.1. TRANSFER TO CLEAN STREAMS FUND.--NO LATER
15 THAN AUGUST 1, 2024, AND EACH AUGUST 1 THEREAFTER, THE SUM OF
16 FIFTY MILLION DOLLARS ($50,000,000) SHALL BE TRANSFERRED FROM
17 THE PROCEEDS OF THE TAX IMPOSED UNDER THIS ARTICLE TO THE CLEAN
18 STREAMS FUND ESTABLISHED UNDER SECTION 1712-A.2 OF THE ACT OF
19 APRIL 9, 1929 (P.L.343, NO.176), KNOWN AS "THE FISCAL CODE."
20 SECTION 5. PART I HEADING OF ARTICLE IV OF THE ACT IS
21 AMENDED TO READ:
22 PART I
23 [DEFINITIONS] PRELIMINARY PROVISIONS
24 SECTION 6. SECTION 401(C)(1)(A) AND (2)(B) OF THE ACT ARE
25 AMENDED AND CLAUSE (3)1 IS AMENDED BY ADDING PHRASES TO READ:
26 SECTION 401. DEFINITIONS.--THE FOLLOWING WORDS, TERMS, AND
27 PHRASES, WHEN USED IN THIS ARTICLE, SHALL HAVE THE MEANING
28 ASCRIBED TO THEM IN THIS SECTION, EXCEPT WHERE THE CONTEXT
29 CLEARLY INDICATES A DIFFERENT MEANING:
30 * * *
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 1 (3) "TAXABLE INCOME." 1. * * *
2 (B.2) AN ADDITIONAL DEDUCTION SHALL BE ALLOWED FROM THE
3 TAXABLE INCOME OF A MEDICAL CANNABIS BUSINESS IN THE AMOUNT OF
4 THE ORDINARY AND NECESSARY EXPENSES THAT WERE PAID OR INCURRED
5 BY THE MEDICAL CANNABIS BUSINESS DURING THE TAXABLE YEAR THAT
6 ARE ORDINARILY DEDUCTIBLE FOR FEDERAL INCOME TAX PURPOSES UNDER
7 SECTION 162 OF THE INTERNAL REVENUE CODE OF 1986 (26 U.S.C. §
8 162) IF NO DEDUCTION FOR ORDINARY AND NECESSARY EXPENSES PAID OR
9 INCURRED BY THE MEDICAL CANNABIS BUSINESS WAS TAKEN FOR FEDERAL
10 INCOME TAX PURPOSES FOR THE TAXABLE YEAR. AS USED IN THIS
11 PARAGRAPH, THE TERM "MEDICAL CANNABIS BUSINESS" SHALL MEAN A
12 MEDICAL MARIJUANA ORGANIZATION AS DEFINED IN SECTION 103 OF THE
13 ACT OF APRIL 17, 2016 (P.L.84, NO.16), KNOWN AS THE "MEDICAL
14 MARIJUANA ACT," THAT HAS AN ACTIVE GROWER/PROCESSOR PERMIT
15 DURING THE TAXABLE YEAR FOR WHICH THE DEDUCTION IS SOUGHT.
16 * * *
17 (U) (1) TO THE EXTENT A TAXPAYER MAKES THE ADJUSTMENT
18 REQUIRED BY PHRASE (T)(1) AN AFFILIATED ENTITY WHICH IS SUBJECT
19 TO TAX UNDER THIS ARTICLE ON A TAX BASE THAT INCLUDES THE
20 INTANGIBLE EXPENSE OR COST, OR THE INTEREST EXPENSE OR COST,
21 PAID, ACCRUED OR INCURRED BY THE TAXPAYER MAY ANNUALLY ELECT TO
22 EXCLUDE THE INTANGIBLE EXPENSE OR COST, OR THE INTEREST EXPENSE
23 OR COST WHEN DETERMINING THE AFFILIATED ENTITY'S TAXABLE INCOME
24 UNDER SUBCLAUSE 1, OR IF APPLICABLE, SUBCLAUSE 2. IF SUCH AN
25 ELECTION IS MADE, THE TAXPAYER THAT MADE THE ADJUSTMENT REQUIRED
26 BY PHRASE (T)(1) SHALL NOT BE ENTITLED TO RECEIVE ANY CREDIT
27 AGAINST TAX DUE IN THIS COMMONWEALTH AS CALCULATED UNDER PHRASE
28 (T)(1)(A) OR (B).
29 (2) THE ELECTION UNDER PARAGRAPH (1) SHALL BE MADE BY THE
30 AFFILIATED ENTITY WITH THE FILING OF IT'S ORIGINAL RETURN. THE
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 1 AFFILIATED ENTITY SHALL IDENTIFY THE NAME AND FEDERAL EIN OF THE
2 TAXPAYER TO WHICH THE ELECTION APPLIES. NOTHING IN THIS
3 PARAGRAPH SHALL OTHERWISE IMPACT NEXUS OR APPORTIONMENT OF THE
4 TAXPAYER OR THE AFFILIATED ENTITY.
5 (3) IN NO CASE SHALL THE EXCLUSION UNDER PARAGRAPH (1)
6 EXCEED THE INTANGIBLE EXPENSE OR COST, OR THE INTEREST EXPENSE
7 OR COST, PAID, ACCRUED OR INCURRED BY THE TAXPAYER.
8 4. * * *
9 (C) (1) THE NET LOSS DEDUCTION SHALL BE THE LESSER OF:
10 (A) (I) FOR TAXABLE YEARS BEGINNING BEFORE JANUARY 1, 2007,
11 TWO MILLION DOLLARS ($2,000,000);
12 (II) FOR TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 2006,
13 THE GREATER OF TWELVE AND ONE-HALF PER CENT OF TAXABLE INCOME AS
14 DETERMINED UNDER SUBCLAUSE 1 OR, IF APPLICABLE, SUBCLAUSE 2 OR
15 THREE MILLION DOLLARS ($3,000,000);
16 (III) FOR TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 2008,
17 THE GREATER OF FIFTEEN PER CENT OF TAXABLE INCOME AS DETERMINED
18 UNDER SUBCLAUSE 1 OR, IF APPLICABLE, SUBCLAUSE 2 OR THREE
19 MILLION DOLLARS ($3,000,000);
20 (IV) FOR TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 2009,
21 THE GREATER OF TWENTY PER CENT OF TAXABLE INCOME AS DETERMINED
22 UNDER SUBCLAUSE 1 OR, IF APPLICABLE, SUBCLAUSE 2 OR THREE
23 MILLION DOLLARS ($3,000,000);
24 (V) FOR TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 2013, THE
25 GREATER OF TWENTY-FIVE PER CENT OF TAXABLE INCOME AS DETERMINED
26 UNDER SUBCLAUSE 1 OR, IF APPLICABLE, SUBCLAUSE 2 OR FOUR MILLION
27 DOLLARS ($4,000,000);
28 (VI) FOR TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 2014,
29 THE GREATER OF THIRTY PER CENT OF TAXABLE INCOME AS DETERMINED
30 UNDER SUBCLAUSE 1 OR, IF APPLICABLE, SUBCLAUSE 2 OR FIVE MILLION
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 1 DOLLARS ($5,000,000);
2 (VII) FOR TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 2017,
3 THIRTY-FIVE PER CENT OF TAXABLE INCOME AS DETERMINED UNDER
4 SUBCLAUSE 1 OR, IF APPLICABLE, SUBCLAUSE 2;
5 (VIII) FOR TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 2018,
6 FORTY PER CENT OF TAXABLE INCOME AS DETERMINED UNDER SUBCLAUSE 1
7 OR, IF APPLICABLE, SUBCLAUSE 2; [OR]
8 (IX) FOR TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 2024,
9 THE PERCENTAGE OF TAXABLE INCOME AS DETERMINED UNDER SECTION
10 401.1; OR
11 * * *
12 (2) * * *
13 (B) THE EARLIEST NET LOSS SHALL BE CARRIED OVER TO THE
14 EARLIEST TAXABLE YEAR TO WHICH IT MAY BE CARRIED UNDER THIS
15 SCHEDULE. THE TOTAL NET LOSS DEDUCTION ALLOWED IN ANY TAXABLE
16 YEAR SHALL NOT EXCEED:
17 (I) TWO MILLION DOLLARS ($2,000,000) FOR TAXABLE YEARS
18 BEGINNING BEFORE JANUARY 1, 2007.
19 (II) THE GREATER OF TWELVE AND ONE-HALF PER CENT OF THE
20 TAXABLE INCOME AS DETERMINED UNDER SUBCLAUSE 1 OR, IF
21 APPLICABLE, SUBCLAUSE 2 OR THREE MILLION DOLLARS ($3,000,000)
22 FOR TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 2006.
23 (III) THE GREATER OF FIFTEEN PER CENT OF THE TAXABLE INCOME
24 AS DETERMINED UNDER SUBCLAUSE 1 OR, IF APPLICABLE, SUBCLAUSE 2
25 OR THREE MILLION DOLLARS ($3,000,000) FOR TAXABLE YEARS
26 BEGINNING AFTER DECEMBER 31, 2008.
27 (IV) THE GREATER OF TWENTY PER CENT OF THE TAXABLE INCOME AS
28 DETERMINED UNDER SUBCLAUSE 1 OR, IF APPLICABLE, SUBCLAUSE 2 OR
29 THREE MILLION DOLLARS ($3,000,000) FOR TAXABLE YEARS BEGINNING
30 AFTER DECEMBER 31, 2009.
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 1 (V) THE GREATER OF TWENTY-FIVE PER CENT OF TAXABLE INCOME AS
2 DETERMINED UNDER SUBCLAUSE 1 OR, IF APPLICABLE, SUBCLAUSE 2 OR
3 FOUR MILLION DOLLARS ($4,000,000) FOR TAXABLE YEARS BEGINNING
4 AFTER DECEMBER 31, 2013.
5 (VI) THE GREATER OF THIRTY PER CENT OF TAXABLE INCOME AS
6 DETERMINED UNDER SUBCLAUSE 1 OR, IF APPLICABLE, SUBCLAUSE 2 OR
7 FIVE MILLION DOLLARS ($5,000,000) FOR TAXABLE YEARS BEGINNING
8 AFTER DECEMBER 31, 2014.
9 (VII) THIRTY-FIVE PER CENT OF TAXABLE INCOME AS DETERMINED
10 UNDER SUBCLAUSE 1 OR, IF APPLICABLE, SUBCLAUSE 2 FOR TAXABLE
11 YEARS BEGINNING AFTER DECEMBER 31, 2017.
12 (VIII) FORTY PER CENT OF TAXABLE INCOME AS DETERMINED UNDER
13 SUBCLAUSE 1 OR, IF APPLICABL