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Senate Co-Sponsorship Memoranda
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