October 25, 2019
The Center Square
The Pennsylvania Senate unanimously approved a House bill Wednesday that eliminates an asset tax law that has been on the books since 1935.
Though the tax had never been assessed, Rep. Aaron Bernstine, R-Beaver, introduced the legislation to prevent future state wealth taxes that could have been levied on personal assets, real estate, assets in insurance and pension plans, financial securities and personal trusts.
“This bill will help ensure that taxpayers are protected against additional forms of taxation,” Bernstein said.
The bill passed the House of Representatives unanimously in May with just a single vote against.
It now goes to Gov. Tom Wolf for his approval.