An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in personal income tax, further providing for classes of income.

This bill amends Pennsylvania's Tax Reform Code to allow residents to use a specific federal tax rule regarding partnership property for state income tax purposes. By adding a new subsection to the tax code, the legislation enables taxpayers to elect an optional adjustment to the basis of partnership assets, aligning state calculations with federal provisions found in 26 U.S.C. § 754. The changes will apply to taxable years starting after December 31, 2024, while the act itself takes effect immediately upon passage.