PRINTER'S NO. 360
No. 329 Session of 1975
INTRODUCED BY PETRARCA, LAUDADIO, A. K. HUTCHINSON, DOMBROWSKI
AND YAHNER, FEBRUARY 10, 1975
REFERRED TO COMMITTEE ON JUDICIARY, FEBRUARY 10, 1975
AN ACT
1 Providing that, in certain instances, the establishment of a
2 joint account with funds of one person shall not, for
3 inheritance tax purposes only, constitute a gift to or be an
4 asset of the joint owner who contributed nothing toward its
5 creation.
6 The General Assembly of the Commonwealth of Pennsylvania
7 hereby enacts as follows:
8 Section 1. The creation of a joint account in a bank or
9 savings and loan association in the names of two persons who are
10 not husband and wife shall not, for inheritance tax purposes
11 only, constitute a gift of any part of the account by the one
12 establishing the account to the other person named thereon if
13 the one establishing the account furnishes all of the money
14 therefor and designates thereon, at the time of its creation,
15 that he was the sole contributor thereto. In such event the
16 interest created in the person who contributed nothing toward
17 its creation shall, for inheritance tax purposes only, not be
18 part of his estate upon his death.
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