Bill
Bill > HB2204
summary
Introduced
04/16/2024
04/16/2024
In Committee
04/16/2024
04/16/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An act relating to tax reform and State taxation by codifying and enumerating certain subjects of taxation and imposing taxes thereon; providing procedures for the payment, collection, administration and enforcement thereof; providing for tax credits in certain cases; conferring powers and imposing duties upon the Department of Revenue, certain employers, fiduciaries, individuals, persons, corporations and other entities; prescribing crimes, offenses and penalties," in inheritance tax, further providing for transfers not subject to tax.
AI Summary
This bill amends the Tax Reform Code of 1971 to exempt from inheritance tax the transfer of ownership of amounts in a qualified tuition program (a 529 plan) to the designated beneficiary or, if the beneficiary is under 18, to the parent or guardian. The bill applies to estates of decedents dying after November 6, 2023 and takes effect immediately.
Committee Categories
Budget and Finance
Sponsors (14)
Stephenie Scialabba (R)*,
Jake Banta (R),
Aaron Bernstine (R),
Mark Gillen (R),
Charity Grimm Krupa (R),
Joe Hamm (R),
Barry Jozwiak (R),
Robert Leadbeter (R),
Ryan Mackenzie (R),
David Maloney (R),
Kristin Marcell (R),
Dan Moul (R),
Craig Staats (R),
Perry Stambaugh (R),
Last Action
Referred to FINANCE (on 04/16/2024)
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