Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 16112. Definitions

(1) “City.”A city of the first class.

(2) “Corporation.”A corporate entity including but not limited to one having capital stock, joint stock association, or limited partnership either organized under the laws of this Commonwealth, the United States, or any other state, territory or foreign country, or dependency, and doing business in a city of the first class, or having capital or property employed or used in a city of the first class by or in the name of itself, or any person, partnership, association, limited partnership, joint stock association or corporation. It shall also include for purposes of this act any domestic or foreign corporation which is subject to the taxing jurisdiction of the Commonwealth of Pennsylvania and doing business within the city of the first class. Notwithstanding any other provision of this act, no corporation shall incur any tax or taxes imposed or authorized under this act by reason of the ownership of tangible personal property in transit through the city. It shall not include building and loan associations, banks, bank and trust companies, national banks, trust companies, foreign beneficial life and limited life insurance companies, foreign mutual fire, mutual casualty and mutual life insurance companies, and foreign stock companies registered in this Commonwealth and therein engaged in doing business as life, fire and casualty insurance companies, and foreign surety companies.

(3) “District.”A school district of the first class coterminous with a city of the first class.

(4) “Net Income.”Taxable income of the corporation for the calendar year or fiscal year as returned to and ascertained by the federal government, or in the case of a corporation participating or which has participated in prior taxable years in the filing of consolidated returns to the federal government the taxable income which would have been returned to and ascertained by the federal government if separate returns had been made to the federal government for all years affected by the filing of consolidated returns of the federal government, subject, however, to any corrections thereof for fraud, evasion, or error as finally ascertained by the federal government: And Provided further, That additional deductions shall be allowed from taxable income on account of dividends received from any other corporation but only to the extent that such dividends are included in taxable income as returned to and ascertained by the federal government: And Provided further, That no deduction shall be allowed for net operating losses sustained by the corporation during any other fiscal or calendar year: And Provided further, That in the case of stock life, fire, casualty and indemnity insurance companies, doing business on the mutual or participating plan, the term “net income” shall not include the dividends paid to policyholders out of net income: And Provided further, That in the case of regulated investment companies as defined by the Internal Revenue Code of 1954, as amended,  1 “net income” shall be investment company taxable income as defined in the aforesaid Internal Revenue Code of 1954, as amended.

(5) “Person.”Every natural person or corporation. Whenever used in any clause prescribing or imposing a fine or imprisonment, or both, the term “person” as applied to corporations shall mean the officers thereof.