|Posted:||February 13, 2015 02:24 PM|
|From:||Representative Michael K. Hanna|
|To:||All House members|
|Subject:||Excluding certain real estate from the yearly income requirement|
|In the near future, I intend to introduce legislation that would exclude real estate on forest land from the requirement to have an annual gross income of at least $2,000 to qualify for inheritance tax exemption.
Under current law, after the transfer, certain real estate used for the purpose of agriculture is not subject to an inheritance tax, provided that the real estate continues to be devoted to the business of agriculture for a period of seven years after the transferor's death. The real estate is also required to obtain a gross income of at least two thousand dollars a year. My legislation would add forest lands as an exemption to the mandatory financial minimum.
I hope you will join me in co-sponsoring this simple proposal. Thank you in advance for your consideration.
If you have any questions, please contact Lynette Perkins via e-mail at LMPerkins@pahouse.net or via phone at 717-772-2283.
Introduced as HB736