The New Pa. Inheritance Tax Exemption For Qualified Family-Owned Business Interests

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...