Section 8997 - Taxation of restricted professional companies(a) General rule.--Except as provided in subsection (b) , 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 other than the corporate net income tax, capital stock and foreign franchise tax and personal income tax, a domestic or registered foreign restricted professional company shall be deemed to be a limited partnership organized and existing under Chapter 86 (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 8835(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);(3) been a member of a limited liability company.Amended by P.L. TBD 2016 No. 170, § 31, eff. 2/19/2017.1994, Dec. 7, P.L. 703, No. 106, § 4, effective in 60 days. Affected 2006, July 7, P.L. 319, No. 67, § 10(1), imd. effective.