On June 28, 2019, Pennsylvania Governor Tom Wolf approved HB 262, which effectively reduces the inheritance tax rate to 0% so long as the property is transferred from a parent — whether natural, adoptive, or step — or transferred for the benefit of a child age 21 or under. Presumably, reporting requirements will remain the same. The reduced tax rate is effective beginning on Monday, July 1, 2019.
Click here for the full text of HB 262.
Posted by Jessica Zhang, Associate Editor, Wealth Strategies Journal.
