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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | January 7, 2013 04:12 PM |
|---|---|
| From: | Representative Michele Brooks |
| To: | All House members |
| Subject: | Inheritance Tax Legislation (Prior HB 1687 of 2011-12) |
| In the near future, I plan to reintroduce legislation which will assist family-owned businesses and our residents across the Commonwealth who are forced to cope with the financial affairs of a deceased loved one. My legislation will amend the Tax Reform Code of 1971 in order to provide for a decrease of the rate associated with the Pennsylvania Inheritance Tax. The rate in which the Inheritance Tax is assessed varies based upon the relationship the deceased party had with the receiving entity. Specifically, the Inheritance Tax is assessed at a rate of 4.5% when the receiving party is a lineal heir. Transfers to siblings are assessed at a tax rate of 12%, while any other individual party is responsible for remitting a 15% tax. If enacted, my legislation would amend the Inheritance Tax by providing for a reduction of the associated rates by 50%. Please join me in an effort to improve Pennsylvania’s overall tax climate while also encouraging and making it affordable for future generations to continue investing in family-owned businesses and jobs, as well as helping those who have lost a loved one. Previous cosponsors: BLOOM, AUMENT, BAKER , BENNINGHOFF , BOBACK , BOYD , CAUSER , CREIGHTON , CUTLER , DALEY , DAY, DENLINGER , DONATUCCI, DUNBAR, ELLIS , EVANKOVICH, EVERETT , FARRY, FLECK , GABLER, GEIST , GEORGE , GILLEN, GINGRICH , GODSHALL , GOODMAN, GROVE, HARRIS , HEFFLEY, HELM , HESS , HORNAMAN , HUTCHINSON , KAUFFMAN , F. KELLER, M. K. KELLER , W. KELLER , KILLION , KNOWLES, KRIEGER, KULA , LONGIETTI , MAHER , MAJOR , METCALFE , METZGAR, MILLARD , MILNE , MOUL , MURT , MUSTIO , OBERLANDER, PEIFER , PERRY , PETRARCA , PICKETT , PYLE , READSHAW , REICHLEY, ROAE , SACCONE, SAYLOR , SCHRODER , SONNEY , STERN , SWANGER , TALLMAN, TOEPEL, TOOHIL, VULAKOVICH , WATSON and YOUNGBLOOD |
Introduced as HB1068