|Posted:||December 2, 2020 12:09 PM|
|From:||Senator Michele Brooks|
|To:||All Senate members|
|Subject:||Reducing the Inheritance Tax for Non-Sibling Heirs|
|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 4.25 percent from 4.5 percent for decedents dying on or after July 1, 2020; drop to 4 percent for decedents dying on or after July 1, 2021; and will then continue to decrease by 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 28 from last session, and was cosponsored by Senators Langerholc, Phillips-Hill, Folmer, Martin, K. Ward, DiSanto, J. Ward, Yaw, Costa, White, Regan, Stefano and Mastriano.
Please join me in cosponsoring this legislation. Thank you!
Introduced as SB683