Governor Tom Corbett recently signed legislation that exempts working farms and other related agricultural commodities from the Pennsylvania Inheritance Tax. The legislation was signed on July 2, but it applies to estates of decedents dying after June 30, 2012. This will allow Pennsylvania famers to pass on their farms within their families without having to pay a steep estate tax. Previously, it was too expensive for farmers to pass their farms on to their children, and this expense was putting farms out of business.
To read more about how this legislation progressed as a bill, please click here.
See Family Farms Exempted from PA Inheritance Tax, PA Elder, Estate & Fiduciary Law Blog, July 3, 2012.
