|Posted:||December 3, 2018 11:22 AM|
|From:||Senator Michele Brooks|
|To:||All Senate members|
|Subject:||Reducing the Inheritance Tax for Siblings|
|In the near future, I plan on re-introducing a piece of legislation that will slowly phase out the burdensome inheritance tax on transfers of assets between siblings.
Currently, Pennsylvania is one of only six states that still imposes an inheritance tax. The other five are Iowa, Kentucky, Maryland, Nebraska and New Jersey. This piece of legislation will eliminate the 12 percent sibling inheritance tax rate over an eight-year period of time, ending in fiscal year 2026-2027.
I have long believed that the inheritance tax amounts to double taxation upon the death of a loved one, and I am committed to eliminating the burdensome tax on families. Families should not have to concern themselves with paying an additional tax to the state while dealing with the loss of a sibling.
This piece of legislation was Senate Bill 506 from last session, and was cosponsored by Senators Aument, Baker, Brewster, Costa, DiSanto, Folmer, Greenleaf, Hutchinson, Langerholc, Martin, Rafferty, Stefano, Vogel, Vulakovich, Wagner, Ward, and Yaw.
Please consider joining me in cosponsoring this legislation. Thank you.
Introduced as SB27