An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, repealing provisions relating to inheritance tax; in procedure and administration, further providing for petition for reassessment; and, in governmental obligations, further providing for taxability of government obligations.

HB 1394 proposes to repeal the inheritance tax in Pennsylvania, directly affecting estates and beneficiaries who would no longer be subject to this tax on inherited assets. The bill also modifies procedures for taxpayers to petition for a reassessment of taxes. Additionally, it updates existing provisions related to how government-issued obligations are treated for tax purposes.