Bill > SB383

This bill amends the Tax Reform Code of 1971 to further provide for expenses that can be deducted from the value of property transferred in inheritance tax. The key provisions include allowing a family exemption of up to $100,000 to be deducted, clarifying that reasonable expenses for administration, bequests to fiduciaries, funeral and burial costs, and religious services can be deducted. The amendments apply to property transferred after June 30, 2021, and the bill takes effect 60 days after passage.