Bill Text: PA SB705 | 2009-2010 | Regular Session | Introduced


Bill Title: Further providing for joint tenancy.

Spectrum: Moderate Partisan Bill (Democrat 12-3)

Status: (Introduced - Dead) 2009-05-27 - Referred to FINANCE [SB705 Detail]

Download: Pennsylvania-2009-SB705-Introduced.html

  

 

    

PRINTER'S NO.  1036

  

THE GENERAL ASSEMBLY OF PENNSYLVANIA

  

SENATE BILL

 

No.

705

Session of

2009

  

  

INTRODUCED BY KASUNIC, EARLL, ERICKSON, FARNESE, FONTANA, GREENLEAF, HUGHES, KITCHEN, LOGAN, MUSTO, STACK, STOUT, TARTAGLIONE AND WASHINGTON, MAY 27, 2009

  

  

REFERRED TO FINANCE, MAY 27, 2009  

  

  

  

AN ACT

  

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Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An

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act relating to tax reform and State taxation by codifying

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and enumerating certain subjects of taxation and imposing

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taxes thereon; providing procedures for the payment,

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collection, administration and enforcement thereof; providing

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for tax credits in certain cases; conferring powers and

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imposing duties upon the Department of Revenue, certain

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employers, fiduciaries, individuals, persons, corporations

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and other entities; prescribing crimes, offenses and

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penalties," further providing for joint tenancy.

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The General Assembly of the Commonwealth of Pennsylvania

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hereby enacts as follows:

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Section 1.  Section 2108 of the act of March 4, 1971 (P.L.6,

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No.2), known as the Tax Reform Code of 1971, amended or added

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August 4, 1991 (P.L.97, No.22) and June 30, 1995 (P.L.139,

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No.21), is amended to read:

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Section 2108.  Joint Tenancy.--(a)  When any property is held

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in the names of two or more persons or is deposited in a

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financial institution in the names of two or more persons so

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that, upon the death of one of them, the survivor or survivors

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have a right to the immediate ownership or possession and

 


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enjoyment of the whole property, the accrual of such right, upon

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the death of one of them, shall be deemed a transfer subject to

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tax of a fractional portion of such property to be determined by

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dividing the value of the whole property by the number of joint

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tenants in existence immediately preceding the death of the

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deceased joint tenant.

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(b)  (1)  Except as provided in subsection (c), this section

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shall not apply to property or interests in property passing by

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right of survivorship to the survivor of husband and wife.

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(2)  Notwithstanding the provisions of subsection (c), this

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section shall not apply to any property interest in a joint

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account deposited in a financial institution passing by right of

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survivorship to the survivor who funded the entire account.

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(c)  If the co-ownership was created within one year prior to

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the death of the co-tenant, the entire interest transferred

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shall be subject to tax only under, and to the extent stated in,

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subsection (c)(3) of section 2107 as though a part of the estate

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of the person who created the co-ownership.

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Section 2.  This act shall apply to estates of decedents

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dying on or after January 1, 2009, without regard to the date of

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transfer.

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Section 3.  This act shall take effect immediately.

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