Saturday, July 7, 2012

PA Inheritance Tax Eliminated for Forest Landowners

Dr. Mike Jacobson, Professor of Forest Resources at Penn State University, sent this notice on Monday, July 2nd.  As part of House Bill 761, Forest landowners in Pennsylvania will not have to pay PA inheritance tax if their land passes to a sibling or child of the deceased.  This is great news for Pennsylvania landowners!  Previously in Pennsylvania, children who inherited farm or forest land from their parents paid a 4.5 percent inheritance tax and if the land was left to a sibling, the inheritor paid a 12 percent tax.  Landowners will still be liable for Federal estate tax which as you know will likely change by year’s end.

Click here to read the relevant passages.

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