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House Co-Sponsorship Memoranda
House of Representatives
Session of 2017 - 2018
Regular Session
MEMORANDUM
| Posted: | December 7, 2016 12:59 PM |
|---|---|
| From: | Representative Carl Walker Metzgar |
| To: | All House members |
| Subject: | Inheritance Tax Elimination for Children Age of 21 and Under (Former HB 971 - Session 2015-2016) |
| In the near future, I am planning to re-introduce legislation that will add a section to the current inheritance tax law by eliminating the inheritance tax rate for transfers of property to or for the use of a child aged 21 years or younger from a natural parent, adoptive parent or step-parent. It was brought to my attention by the Register of Wills and Clerk of Courts of Orphans' Court in Somerset County that a change was made to Pennsylvania's inheritance tax law in 2000. The inheritance tax law was amended to provide an inheritance tax rate of 0% on property transferred from a child aged 21 or younger to a natural parent, adoptive parent or step-parent. However, when property is transferred from the parent to the minor child, it is currently subject to an inheritance tax rate of 4.5%. My legislation will ensure that minor children who inherit property when a natural, adoptive or step-parent passes way will not be subject to the inheritance tax. There have been cases in Somerset County where a minor child has had to pay inheritance tax on property that was jointly owned, such as a joint savings account, when the parent passed away. By changing the tax rate to 0%, this would eliminate the child from being subject to such a tax. Please join me in cosponsoring this important piece of legislation. |
Introduced as HB291