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, further providing for definitions; in procedure and administration, further providing for petition for reassessment and for review by board and providing for settlement conference process, for closing agreements and for report to General Assembly; and, in general provisions, further providing for timely filing.

This bill modifies Pennsylvania's corporate tax code to create a specific tax deduction for medical cannabis businesses, allowing them to claim ordinary business expenses that were not deducted on their federal tax returns. It also updates the procedures for taxpayers to request tax reassessments and board reviews, extending the deadline for these petitions to 90 days for corporate taxes instead of the standard 60 days. Additionally, the legislation establishes a new settlement conference process where independent attorneys appointed by the tax board can help resolve disputes between taxpayers and the Department of Revenue. These changes directly affect medical marijuana organizations and other corporations subject to state net income tax by altering how they calculate deductions and how they appeal tax assessments.