|Posted:||December 3, 2018 11:25 AM|
|From:||Senator Michele Brooks|
|To:||All Senate members|
|Subject:||Reducing the Inheritance Tax on Non-Sibling Heirs|
|In the near future, I plan on re-introducing a piece of legislation that will phase out the inheritance tax on property passing to the relatives of the deceased, excluding siblings.
This legislation is a companion piece to my proposed phase-out of the inheritance tax for property passed between siblings. Pennsylvania is one of only six states in the country that enforces an inheritance tax, and I believe that Pennsylvanians should not be burdened with the financial strain of paying steep taxes on inherited property as they mourn the loss of their loved one.
Under the legislation, the inheritance tax rate will drop to four and one-quarter percent from four and one-half percent for decedents dying on or after July 1, 2019, and will continue to decrease by approximately one-half of one percent every year on July 1, until the tax is entirely phased-out on July 1, 2029.
This legislation was Senate Bill 507 from last session, and was cosponsored by Senators Baker, Costa, DiSanto, Eichelberger, Folmer, Greenleaf, Hutchinson, Langerholc, Martin, Rafferty, Reschenthaler, Vogel, Ward, and Yaw.
Please join me in cosponsoring this legislation. Thank you!
Introduced as SB28