Senate Majority Leader Dominic Pileggi instrumental in new law helping family businesses survive

Date: October 30, 2014

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?

*Qualifying Businesses:

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
7 years

*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!

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