Philadelphia, PA -- (SBWIRE) -- 08/07/2013 -- Keeping their clients informed on all legal news regarding the Pennsylvania death tax, Lam & Maloles, LLC is pleased to announce that the Pennsylvania House of Representatives has voted unanimously to eliminate the inheritance tax for small businesses. This is good news for family-owned businesses that have been negatively affected by the existence of this tax in the past. Along with a unanimous decision to drop the tax from the House of Representatives, the elimination of the inheritance tax for small businesses has strong support in the beginning discussions between members of the Senate.
Legislation calling for the elimination of the inheritance tax for small businesses, known as Bill 48, is sponsored by Rep. Steve Bloom, R-Cumberland. The PA death tax is applied to real estate and all other business assets paid by children, siblings, and other descendants who inherent a business as part of an estate. Rep. Bloom was pleased that all democrats in the House of Representatives supported the bill. “This shows that small businesses are a priority for the House of Representatives,” he said. Earlier in the year, similar legislation passed out of a Senate committee sponsored by Senate Majority Leader Dominic Pileggi, R-Delaware. Both Rep. Bloom and Senate Majority Leader Dominic Pileggi are hopeful lawmakers will act on the bill during the upcoming budget season.
For more information on the Pennsylvania death tax, please visit their website. There, visitors will also find information about Wills, Trusts, and Estates Law. Lam & Maloles, LLC services Southeastern Pennsylvania, the Greater Philadelphia area, Southern New Jersey, and all of Burlington County. If someone is in need of legal representation regarding Estate Planning or Probate Law, please call 800-564-3872 or send an email to info@lmlawllc.com.
About Lam & Maloles, LLC
Lam & Maloles, LLC was founded on the principle that clients should have access to quality legal representation. They believe that each client is unique and deserves to be treated as such. The trusts and estates attorneys at Lam & Maloles are passionate about what they do and they take tremendous pride in providing client-centric, value-driven legal services to their clients.
To learn more information about Lam & Maloles, please visit http://www.lmlawllc.com/.