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FOR IMMEDIATE RELEASE |
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State Rep. Jim Wansacz
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Wansacz bill would lessen pain of inheritance tax on family farms
HARRISBURG, June 15 – State Rep. Jim Wansacz wants to reduce the burden of inheritance taxes on family farms and closely-held family businesses.
Wansacz has introduced a proposed amendment to the state constitution aimed at helping families keep their farms and businesses for generations.
Wansacz’s bill (H.B. 1564) would create special tax provisions in the state constitution for closely-held businesses transferred between family members. The provisions would include exempting a certain dollar amount of the total value from state inheritance taxes.
“It is becoming more and more challenging to keep family farms and businesses in the family,” Wansacz said. “Family businesses are a long-time Pennsylvania tradition and we ought to do what we can to encourage these businesses to continue and to flourish.
“Family-owned businesses are an asset to our state’s economic stability as well as a mainstay for local economies, and they promote community pride and vitality. Assisting these businesses is an opportunity to assist our state’s small towns,” Wansacz said.
The legislation would make Pennsylvania tax law similar to federal law with regard to inheritance taxes. Currently, the federal government exempts the first $2 million in value from inheritance taxes, while Pennsylvania taxes the entire value.
Wansacz said his legislation would ensure small “mom and pop” businesses remain in the family while they are coping with the loss of a loved one.
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