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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | May 31, 2013 02:34 PM |
|---|---|
| From: | Senator David G. Argall |
| To: | All Senate members |
| Subject: | Inheritance Tax Legislation |
| In the near future I will be introducing legislation that will update the formula by which counties and the Pennsylvania Department of Revenue share inheritance tax proceeds. Currently, the counties are tasked with collecting inheritance taxes and disbursing it under the following formula: $1 - $200,000 collected in any calendar year – 4.25 % is retained by the county (to remain the same under my legislation) $200,000 - $1 million collected in any calendar year – 1.75% is retained by the county (to remain the same under my legislation) $1 million and above collected in any calendar year - .5% is retained by the county (to be increased from .5% to 1% under my legislation) All proceeds above the percentages retained by the county are submitted to the PA Department of Revenue. My legislation will change the formula for proceeds above the $1 million threshold from .5% to 1% to be retained by the counties. In light of the fact that the money is generated within a given county and the county Register of Wills is tasked with collecting the funds, this formula will allow for a fairer distribution of these funds. If you would like to co-sponsor this legislation, please contact Jon Hopcraft of my office at 787-2637 or at jhopcraft@pasen.gov with any questions. |
Introduced as SB1057