This bill amends the Tax Reform Code of 1971, specifically focusing on the inheritance tax provisions. It modifies Section 2142 to change the payment date for inheritance tax from the date of the decedent's death to the issuance of the notice under section 2140. Additionally, the bill maintains that the inheritance tax will become delinquent nine months after the decedent's death and allows for a five percent discount if the tax is paid within three months of the notice issuance.

The changes introduced by this bill will take effect immediately but will only apply to tax years following December 31, 2026. This adjustment aims to clarify the timeline for tax payments and potentially ease the financial burden on heirs by providing a discount for timely payments.

Statutes/Laws affected:
Printer's No. 1838 (Jun 04, 2025): P.L.6, No.2