Bill Text: PA HB1586 | 2011-2012 | Regular Session | Introduced

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Bill Title: In inheritance tax, further providing for duties of depositories.

Sponsorship: Moderate Partisan Bill (Republican 23-6)

Status: (Introduced - Dead) 2011-11-03 - Laid on the table [HB1586 Detail]

Download: Pennsylvania-2011-HB1586-Introduced.html

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PRINTER'S NO. 1952
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 1586 Session of2011
INTRODUCED BY BOYD, AUMENT, BEAR, CALTAGIRONE, D. COSTA, CREIGHTON, DALEY, GEIST, GIBBONS, HALUSKA, HESS, KAUFFMAN, M. K. KELLER, KILLION, MARSICO, MILLER, MILNE, MOUL, MURT, OBERLANDER, O'NEILL, PYLE, REICHLEY, ROCK, SWANGER, TAYLOR AND VULAKOVICH, MAY 24, 2011
REFERRED TO COMMITTEE ON FINANCE, MAY 24, 2011
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," in inheritance tax, further providing for duties
of depositories.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 2147 of the act of March 4, 1971 (P.L.6,
No.2), known as the Tax Reform Code of 1971, added August 4,
1991 (P.L.97, No.22), is amended to read:
Section 2147. Duties of Depositories.--When money is
deposited or invested in a financial institution located in this
Commonwealth in the names of two or more persons, other than
husband and wife, or in the name of a person or persons in trust
for another or others, and one of the parties to the deposit or
investment dies, it shall be the duty of the financial
institution, within ten days after knowledge of the death, to
notify the department, giving the name of the deceased person,
the date of the creation of the joint or trust deposit or
investment, the amount invested or on deposit at the date of
death with the financial institution [and], the name and address
of the survivor or survivors to the account and the relationship
of the survivor or survivors to the deceased. No notification
shall be required in regard to the account when the deposit at
the time of death does not exceed three hundred dollars ($300).
Section 2. This act shall take effect July 1, 2011.
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