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House Co-Sponsorship Memoranda
House of Representatives
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | September 20, 2021 10:12 AM |
|---|---|
| From: | Representative Tina M. Davis |
| To: | All House members |
| Subject: | Inheritance Tax Reform |
| Pennsylvania is one of just six states that continues to impose an inheritance tax. What I found even more surprising is that this tax is extended to joint bank accounts and multi-party accounts. Families around Pennsylvania use joint accounts for convenience—a high school student opens a joint checking account for their first job with their parent; a grandparent is given access to an account to help build savings; or families will add other family members as a convenience, allowing them to make deposits and withdrawals on their behalf when they are too busy to get to the bank. In the unfortunate event of someone passing, half of this joint account is subject to inheritance tax. I am introducing legislation that would exempt joint bank accounts or multi-party bank accounts from the inheritance tax in the instance that the joint owner is a child, grandchild, or sibling of the individual who has passed away. At a time of immeasurable loss, the last thing any family needs is to be blindsided by an unexpected inheritance tax imposed on their own bank account. Please join me in co-sponsoring this legislation. |