Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 8505. Tax credits;  legislative intent

Any tax paid by any mutual thrift institution under the provisions of the act of June 22, 1964 (P.L. 16, No. 2),  1 known as “The Mutual Thrift Institutions Tax Act,” as amended, the act of June 25, 1982 (P.L. 652, No. 184), entitled “An act amending the act of June 22, 1964 (P.L. 16, No. 2), entitled ‘An act imposing a State excise tax on net earnings or income of mutual thrift institutions;  requiring the filing of reports and payment of the tax;  providing certain exemptions from the tax and repealing part of an act imposing other taxes,’ providing for the deduction and carryover of net operating losses in determining net earnings for the tax on mutual thrift institutions,”   2 for taxable years beginning during 1983 shall be credited to and applied against the tax imposed by this article without the necessity for the filing of any petition or request by the taxpayer with the Department of Revenue, it being the intention of the General Assembly that this article be a reenactment of such act, although amending such act to include “savings institutions with capital stock” within the definition of “mutual thrift institution.”  Any institution which would have been entitled to a net operating loss carryforward under the provisions of the act of June 22, 1964 (P.L. 16, No. 2), known as “The Mutual Thrift Institutions Tax Act,” as amended, to calendar year 1983 and fiscal years beginning after January 1, 1983 shall remain entitled to such loss carryforward.