Information on the Farm Inheritance Tax Elimination
Farm Inheritance Tax Eliminated
Governor Corbett signed landmark legislation eliminating the Pennsylvania inheritance tax on farms. Pennsylvania farmers can now pass their farms on to their heirs without worrying they will have to pay steep “death taxes” to keep them in the family.
Previously when a landowner died, heirs to their farm property had to pay an inheritance tax of 4.5 percent if they were adult children and 12 percent if they were siblings of the deceased. Now farmers can save thousands of dollars by not having to pay the inheritance tax, allowing them to reinvest in their agricultural operations.
For more information, visit the Pennsylvania Department of Revenue’s website here or call 1-888-PATAXES (728-2937).
Content last modified on 7/12/2012 1:42:00 PM