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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | December 11, 2012 10:07 AM |
|---|---|
| From: | Representative Anthony M. DeLuca |
| To: | All House members |
| Subject: | Inheritance Tax |
| In the near future I will be re-introducing legislation (HB 697 of 2011) amending the Tax Reform Code to reduce the rates and then phase out the Commonwealth’s death tax. The phase out will occur in two steps with rates cut in half for the estates of decedents dying on or after January 1, 2014, and the tax fully eliminated January 1, 2015. Thus for the first rate cut, the rate for the property passing to a father, mother, child or grandchild, the rate will be 2.25%. For all other transferees, the rate will be 7.5%. Before he was sworn into office, Governor Corbett identified repeal of the death tax as one component of tax reform that “will make Pennsylvania more friendly to the private sector organizations, large and small, that will create jobs and reinvigorate our economy.” There seems little doubt that repeal of the inheritance tax will put more revenue back into the hands of Pennsylvanians, which will ultimately benefit the state’s economy. |
Introduced as HB223