United States:
The New Pa. Inheritance Tax Exemption For Qualified Family-Owned Business Interests
17 October 2013
Fox Rothschild LLP
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On July 9, Gov. Tom Corbett signed House Bill 465 into law
making numerous changes to the Pennsylvania tax law, including the
inheritance tax. Section 34 of the act added a new Section 2111(t)
to the Tax Reform Code of 1971 (TRC), providing that the transfer
of qualified family-owned business interests to qualified
transferees is not subject to Pennsylvania inheritance tax. Section
42(4) of the act provides that Section 2111(t) shall apply to
estates of decedents who die on or after July 1, 2013.
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