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Pennsylvania State Senate
04/24/2024 07:44 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20130&cosponId=9728
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Senate of Pennsylvania
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: December 3, 2012 10:18 AM
From: Senator Kim L. Ward
To: All Senate members
Subject: Memo #4 - Inheritance Tax Phase Out
 
In the near future, I plan to reintroduce Senate Bill 1113, which would completely phase out the Pennsylvania Inheritance Tax, otherwise known as the ‘death tax.’

In 1826, Pennsylvania became the first state to adopt a death tax. Pennsylvania remains one of thirteen states that still impose such a tax. These death taxes are particularly harmful to small businesses and impose a double-tax on all estates.

My legislation would phase out the inheritance tax over a number of years as follows:
  • The current tax rate of 4.5% for direct descendents (children) would be reduced to 2% in 2014 and completely phased out by 2015.
  • The current tax of 12% for siblings would be reduced by 3% a year until 2017, when it is completely phased out.
  • The current tax rate of 15% for all other heirs would be reduced by 3% a year until 2019, when it is completely phased out.
Previous co-sponsors of this legislation were Senators: D. WHITE, BRUBAKER, ERICKSON, ROBBINS, FOLMER, TARTAGLIONE, WOZNIAK, SMUCKER, RAFFERTY, BREWSTER, COSTA, McILHINNEY, SOLOBAY, VOGEL, MENSCH and VULAKOVICH.

If you have any questions regarding this legislation, please do not hesitate to contact my office at 717-787-6063.


Introduced as SB61