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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2017 - 2018
Regular Session
MEMORANDUM
| Posted: | December 7, 2016 10:00 AM |
|---|---|
| From: | Senator Patrick J. Stefano |
| To: | All Senate members |
| Subject: | Inheritance Tax Elimination for Children Age of 21 and Under |
| In the near future, I plan to reintroduce Senate Bill 734, legislation that will add a section to the current inheritance tax law by eliminating the inheritance tax rate for transfers of property to or for the use of a child aged 21 years or younger from a natural parent, adoptive parent or step-parent. Currently, the inheritance tax law provides an inheritance tax rate of 0% on property transferred from a child aged 21 or younger to a natural parent, adoptive parent or step-parent. However, when property is transferred from the parent to the minor child, it is currently subject to an inheritance tax rate of 4.5%. My legislation will ensure that minor children who inherit property when a natural, adoptive or step-parent passes away will not be subject to the inheritance tax. There have been cases in Somerset County where a minor child has had to pay inheritance tax on property that was jointly owned, such as a joint savings account, when the parent passed away. Changing the tax rate to 0% would eliminate the child from being subject to such a tax. Previous co-sponsors of this legislation include: Rafferty; Ward; Fontana; Bartolotta; Baker; Mensch; Eichelberger; Costa; White; Vulakovich; McIlhinney; Folmer; Schwank; Smith; Aument; and Alloway. I ask you to please join me in co-sponsoring this important piece of legislation. If you have any questions regarding this information, please contact Mark Fetzko (mfetzko@pasen.gov) of my office. |
Introduced as SB598