summary
Introduced
05/12/2025
05/12/2025
In Committee
05/12/2025
05/12/2025
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 expenses.
AI Summary
This bill amends the Tax Reform Code of 1971 to modify provisions related to inheritance tax expenses, specifically updating the language around family exemptions. The bill clarifies that a family exemption of up to $100,000 can be deducted from the value of transferred property when claimed by a member of the same family. The existing law already allowed for various deductible expenses related to estate administration, including administration costs, funeral and burial expenses, tombstones, burial trusts, and bequests for religious services. The changes will apply to property transferred after June 30, 2024, and the act takes effect immediately. The purpose appears to be providing more precise guidance on family exemptions in inheritance tax calculations, potentially making the process clearer for taxpayers and tax administrators when determining deductible expenses in the context of an inherited estate.
Committee Categories
Budget and Finance
Sponsors (11)
Michele Brooks (R)*,
Lisa Baker (R),
Rosemary Brown (R),
Jay Costa (D),
Frank Farry (R),
Wayne Fontana (D),
Dan Laughlin (R),
Doug Mastriano (R),
Greg Rothman (R),
Pat Stefano (R),
Judy Ward (R),
Last Action
Referred to FINANCE (on 05/12/2025)
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