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PA HB256
Bill
Status
Introduced
1/22/2025
Primary Sponsor
Stephenie Scialabba
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AI Summary
- Exempts transfers of 529 qualified tuition program funds from Pennsylvania inheritance tax when ownership passes to the designated beneficiary upon the account owner's death
- For beneficiaries under 18 years of age, the exemption applies when funds transfer to the parent or guardian of the designated beneficiary
- Applies retroactively to estates of decedents who died after November 6, 2023
- Amends Section 2111 of the Tax Reform Code of 1971 by adding a new subsection (v) to the list of transfers not subject to inheritance tax
- Takes effect immediately upon enactment
Legislative Description
In inheritance tax, further providing for transfers not subject to tax.
Last Action
Referred to Finance
1/22/2025
Committee Referrals
Finance1/22/2025
Full Bill Text
No bill text available