Pennsylvania imposes an inheritance tax on the transfer of certain assets from a decedent’s estate to certain beneficiaries of the estate. The payment of the tax can present issues for estates where the majority of the estate’s “value” is attributed to illiquid assets such as agricultural property or equity interests in closely held family businesses, and such assets are to be distributed to estate beneficiaries (rather than being sold to third parties).

Between 2012 and 2013, the commonwealth of Pennsylvania introduced three additional exemptions from inheritance tax that directly relate to agricultural properties and closely held family businesses: the qualified family-owned business interest (QFOBI) exemption, the business of agriculture exemption and the farmland other exemption.

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