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Taxation of restricted professional companies - 15 Pa. Cons. Stat. § 8997

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     § 8997.  Taxation of restricted professional companies.
        (a)  General rule.--Except as provided in subsection (b) and
     in section 8925(b) (relating to taxation of limited liability
     companies), for the purposes of the imposition by the
     Commonwealth or any political subdivision of any tax or license
     fee on or with respect to any income, property, privilege,
     transaction, subject or occupation, a domestic or qualified
     foreign restricted professional company shall be deemed to be a
     limited partnership organized and existing under Chapter 85
     (relating to limited partnerships), and a member of such a
     company, as such, shall be deemed a limited partner of a limited
     partnership.
        (b)  Exception.--A domestic or qualified foreign restricted
     professional company shall be subject to section 8925(a),
     instead of subsection (a), for the whole of any taxable year of
     the company during any part of which the company has:
            (1)  engaged in any business not permitted by section
        8996(a) (relating to purposes of restricted professional
        companies);
            (2)  (Repealed).
            (3)  been a member of a limited liability company.
     (July 6, 2006, P.L.319, No.67, eff. imd.)

        2006 Repeal Note.  Act 67 repealed subsec. (b)(2).
        1997 Partial Repeal.  Section 35.1(b) of Act 7 of 1997
     provided that section 8997 is repealed insofar as it is
     inconsistent with Act 7.
        Cross References.  Section 8997 is referred to in sections
     8925, 8995 of this title.

Last modified: November 27, 2007