|Posted:||December 5, 2016 04:37 PM|
|From:||Senator David G. Argall|
|To:||All Senate members|
|Subject:||Amending the Transfer Inheritance Tax Law|
|In the near future, I will introduce legislation that will update the formula by which counties and the Pennsylvania Department of Revenue share inheritance tax proceeds.
Counties are currently tasked with collecting inheritance taxes and disbursing it under the following formula:
$1 - $200,000 collected in any calendar year – 4.25 percent is retained by the county (to remain the same under my legislation)
$200,000 - $1 million collected in any calendar year – 1.75 percent is retained by the county (to remain the same under my legislation)
$1 million and above collected in any calendar year - .5 percent is retained by the county (to be increased from .5% to 1% under my legislation)
All proceeds above the percentages retained by the county are submitted to the Department of Revenue.
My legislation will change the formula for proceeds above the $1 million threshold from .5 percent to 1 percent to be retained by counties. In light of the fact that the money is generated within a given county and the county Register of Wills is tasked with collecting the funds, this formula will allow for a fairer distribution of these funds.
This legislation will be identical to Senate Bill 939 of 2015, which was cosponsored by Senators Vulakovich, Eichelberger, Costa and McIlhinney.
Introduced as SB423