Bill Text: PA SB667 | 2011-2012 | Regular Session | Introduced

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Bill Title: Further providing for joint tenancy.

Spectrum: Slight Partisan Bill (Democrat 11-5)

Status: (Introduced - Dead) 2011-02-25 - Referred to FINANCE [SB667 Detail]

Download: Pennsylvania-2011-SB667-Introduced.html

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PRINTER'S NO. 675
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No. 667 Session of2011
INTRODUCED BY KASUNIC, BREWSTER, COSTA, EARLL, EICHELBERGER, ERICKSON, FARNESE, FONTANA, GREENLEAF, KITCHEN, SOLOBAY, STACK, TARTAGLIONE, WASHINGTON AND WAUGH, FEBRUARY 25, 2011
REFERRED TO FINANCE, FEBRUARY 25, 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," further providing for joint tenancy.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 2108 of the act of March 4, 1971 (P.L.6,
No.2), known as the Tax Reform Code of 1971, amended or added
August 4, 1991 (P.L.97, No.22) and June 30, 1995 (P.L.139,
No.21), is amended to read:
Section 2108. Joint Tenancy.--(a) When any property is held
in the names of two or more persons or is deposited in a
financial institution in the names of two or more persons so
that, upon the death of one of them, the survivor or survivors
have a right to the immediate ownership or possession and
enjoyment of the whole property, the accrual of such right, upon
the death of one of them, shall be deemed a transfer subject to
tax of a fractional portion of such property to be determined by
dividing the value of the whole property by the number of joint
tenants in existence immediately preceding the death of the
deceased joint tenant.
(b) (1) Except as provided in subsection (c), this section
shall not apply to property or interests in property passing by
right of survivorship to the survivor of husband and wife.
(2) Notwithstanding the provisions of subsection (c), this
section shall not apply to any property interest in a joint
account deposited in a financial institution passing by right of
survivorship to the survivor who funded the entire account.
(c) If the co-ownership was created within one year prior to
the death of the co-tenant, the entire interest transferred
shall be subject to tax only under, and to the extent stated in,
subsection (c)(3) of section 2107 as though a part of the estate
of the person who created the co-ownership.
Section 2. This act shall apply to estates of decedents
dying on or after January 1, 2012, without regard to the date of
transfer.
Section 3. This act shall take effect immediately.
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