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11/25/2017 01:00 AM
Pennsylvania State Senate
http://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20170&cosponId=21036
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Senate of Pennsylvania
Session of 2017 - 2018 Regular Session

MEMORANDUM

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