|Posted:||January 31, 2019 02:44 PM|
|From:||Representative Anthony M. DeLuca|
|To:||All House members|
|Subject:||Create a Floor for Inheritance Tax|
|The Pennsylvania inheritance tax is essentially a tax on a beneficiary’s right to receive another’s property. The amount of tax a beneficiary pays depends on the value of the property they receive and their relationship to the deceased. The tax is currently assessed regardless of the size of the transfer.
The inheritance tax should only be triggered for larger transfers. It does not seem right that a brother would have to pay a tax to inherit something modest from his brother when he dies.
The new law would amend the Tax Reform Code to increase the amount that triggers the inheritance tax to above $100,000.
While some have advocated a total repeal of the tax, I believe this is a reasonable compromise that allows Pennsylvanians to retain what should be owed to them while taking into account revenue considerations for the Commonwealth.
Thanks for cosponsoring this legislation to allow for modest, tax-free transfers of inheritance.
Introduced as HB725