No.335), referred to as the Intangible Personal Property Tax
Law, is amended to read:
AN ACT
[To provide revenue for State and county purposes, and, in
cities coextensive with counties, for city and county
purposes; imposing taxes upon certain classes of personal
property; providing for the assessment and collection of the
same; providing for the duties and compensation of
prothonotaries and recorders in connection therewith; and
modifying existing legislation which provided for raising
revenue for State purposes.] Prohibiting a political
subdivision from levying a tax on the ownership, holding or
the possession of personal property, including intangible
personal property, within this Commonwealth.
Section 2. Sections 1, 1.1, 2, 3, 4, 4.1, 4.2, 5, 5.1, 5.2,
5.3, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 and 19 of the act
are repealed:
[Section 1. Be it enacted, &c., That all personal property
of the classes hereinafter enumerated, owned, held or possessed
by any resident, which, as used in this section, shall mean any
person, persons, copartnership, or unincorporated association or
company, resident, located, or liable to taxation within this
Commonwealth, or by any joint-stock company or association,
limited partnership, bank or corporation whatsoever, formed,
erected or incorporated by, under, or in pursuance of any law of
this Commonwealth or of the United States, or of any other state
or government, and liable to taxation within this Commonwealth,
whether such personal property be owned, held, or possessed by
such resident in his, her, their, or its own right, or as active
trustee, agent, attorney-in-fact, or in any other capacity, or
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