|Posted:||December 5, 2016 10:15 AM|
|From:||Senator Michele Brooks|
|To:||All Senate members|
|Subject:||Inheritance Tax Phase-Out For Siblings|
|In the near future, I plan on re-introducing a piece of legislation that will slowly phase-out the burdensome inheritance tax on transfers of assets between siblings.
Currently, Pennsylvania is only one of six states that still imposes an inheritance tax. The other five are: Iowa, Kentucky, Maryland, Nebraska and New Jersey.
I have long believed that the inheritance tax amounts to double taxation upon the death of a loved one and I am committed to eliminating this burdensome tax on families. While I would prefer to eliminate this tax immediately, I realize that this is a loss to the General Fund and, therefore, must be done over a period of time.
This piece of legislation will eliminate the 12 percent sibling inheritance tax rate over an eight year period of time ending in Fiscal Year 2025-26.
This legislation is Senate Bill 433 of last session and co-sponsors were Senators Aument, Baker, Boscola, Folmer, Hutchinson, McIlhinney, Mensch, Pileggi, Rafferty, Vogel, Vulakovich, Wagner, White, and Yaw.
Introduced as SB506