An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in corporate net income tax, further providing for definitions; in procedure and administration, further providing for petition for reassessment and for review by board and providing for settlement conference process, for closing agreements and for report to General Assembly; and, in general provisions, further providing for timely filing.

This Pennsylvania bill modifies the state's tax code to improve how corporations and other entities can resolve tax disputes with the Department of Revenue. It establishes a formal settlement conference process where neutral officers, who must be experienced attorneys or accountants, facilitate negotiations between taxpayers and the state to reach voluntary agreements. The legislation also allows the tax board to extend deadlines for filing appeals under certain conditions and mandates that these settlement discussions remain private and confidential. By creating specific procedures for compromise settlements and requiring timely reporting to the General Assembly, the bill aims to streamline the administrative review of tax issues.