When the owner of a small Pennsylvania business died the
heirs were often forced to shut down or liquidate assets to pay the Inheritance
Tax. NFIB fought hard and succeeded in
getting a new law passed exempting many small family businesses from that tax. Previously we we’d been able to get family farms exempted, now this latest law will help small family-owned companies
in Pennsylvania survive through the generations!
Is your small family business
exempt under the new law?
Proprietorships (exceptions for certain financial businesses)
Less than 50 employees
Less than 5 million in assets
In business for at least 5 years
*After death Business must be owned by the heir for at least
*Related Inheritance tax returns must be filed promptly
Listen to Senate Majority Leader Dominic Pileggi on the exemption for small businesses to the death tax in this video!