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House Co-Sponsorship Memoranda
House of Representatives
Session of 2017 - 2018
Regular Session
MEMORANDUM
| Posted: | May 8, 2024 09:05 AM |
|---|---|
| From: | Representative Anita Astorino Kulik |
| To: | All House members |
| Subject: | Creating a Floor for the Pennsylvania Inheritance Tax |
| As you may know, the Pennsylvania inheritance tax is essentially a tax on a beneficiary’s right to receive a deceased individual’s property. The tax is calculated based on the value of the property they receive and their relationship to the deceased and is assessed regardless of the value of the transfer. While this may make sense for larger estates, this tax can create a financial burden for families that inherit smaller amounts. Therefore, I am introducing legislation that would change this, by amending the Tax Reform Code of 1971 to provide that only inheritance transfers in excess of $100,000 would be subject to the Inheritance Tax. Essentially, the first $100,000 inherited by an individual would be exempt from the Pennsylvania Inheritance Tax. This legislation would provide tax relief to the individuals and families who need it most, while still retaining the important revenue the Inheritance Tax provides to the Commonwealth. Please join me in cosponsoring this legislation to allow for modest, tax-free transfers of inheritance. |
Introduced as HB2276