summary
Introduced
01/14/2025
01/14/2025
In Committee
01/14/2025
01/14/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 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 imposition of tax.
AI Summary
This bill amends Pennsylvania's inheritance tax law by introducing a new $100,000 estate exemption that can be proportionally applied across different transfers within an estate. Specifically, the bill modifies Section 2106 of the Tax Reform Code of 1971 to create a provision that allows up to $100,000 of a decedent's estate to be exempt from inheritance tax, with this exemption amount being distributed proportionally among the various transfers based on their relative size to the total estate. The exemption is designed to provide some tax relief for heirs by reducing the overall inheritance tax burden, and the changes will go into effect 60 days after the bill's passage. This modification aims to ease the financial impact of inheritance taxes on beneficiaries by creating a standard exemption that can be flexibly applied across different types of estate transfers.
Committee Categories
Budget and Finance
Sponsors (12)
Anita Kulik (D)*,
Johanny Cepeda-Freytiz (D),
Gina Curry (D),
Russ Diamond (R),
Keith Greiner (R),
Jim Haddock (D),
Liz Hanbidge (D),
Pat Harkins (D),
Carol Hill-Evans (D),
Kristin Marcell (R),
James Prokopiak (D),
Mike Schlossberg (D),
Last Action
Referred to Finance (on 01/14/2025)
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