§ 7305. Taxability of estates, trusts and their beneficiaries
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: February 12, 2024
Effective: February 12, 2024
72 P.S. § 7305
§ 7305. Taxability of estates, trusts and their beneficiaries
<Section 2(1) of Act 2023, Dec. 14, P.L. 460, No. 64, imd. effective, provides that the amendment of 72 P.S. § 7305 by that Act shall apply to tax years beginning on or after Jan. 1, 2024.>
(a) Except as provided in subsection (b), the income of a beneficiary of an estate or trust in respect of such estate or trust shall consist of that part of the income or gains received by the estate or trust for its taxable year ending within or with the beneficiary's taxable year which, under the governing instrument and applicable State law, is required to be distributed currently or is in fact paid or credited to said beneficiary. The income or gains of the estate or trust, if any, taxable to such estate or trust shall consist of the income or gains received by it which has not been distributed or credited to its beneficiaries.
(b) Subsection (a) shall not apply to the extent the grantor or another person is taxable on the income of the trust under section 302(c).1
Credits
1971, March 4, P.L. 6, No. 2, art. III, § 305, added 1971, Aug. 31, P.L. 362, No. 93, § 4. Amended 2023, Dec. 14, P.L. 460, No. 64, § 1, effective in 60 days [Feb. 12, 2024].
Footnotes
72 P.S. § 7302.
72 P.S. § 7305, PA ST 72 P.S. § 7305
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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