An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in mutual thrift institutions tax, further providing for imposition, report and payment of tax and exemptions.

SB 858 amends the Tax Reform Code of 1971 to update the tax rules for mutual thrift institutions, which are financial cooperatives owned by their members. The bill changes the start date for a specific tax provision from 1984 to calendar year 2024 and adjusts the deadline for reporting and paying the tax from an immediate requirement to 120 days after the due date. These changes directly affect the financial institutions subject to the tax and the state agencies responsible for collecting it. By modifying these dates and timelines, the legislation alters when and how these institutions must calculate and remit their tax payments.