State Estate and Gift Tax Revenue (CRS Report for Congress)
A full-text PDF of the latest version is currently unavailable.
| Release Date |
Revised Jan. 1, 2010 |
| Report Number |
RS20853 |
| Report Type |
Report |
| Authors |
Steven Maguire, Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
-
Premium Revised March 13, 2007 (8 pages, $24.95)
add
-
Premium Revised April 8, 2005 (6 pages, $24.95)
add
-
Premium Revised July 14, 2003 (6 pages, $24.95)
add
-
Premium July 6, 2001 (5 pages, $24.95)
add
|
Summary:
P.L. 107-16, the Economic Growth and Tax Relief Reconciliation Act of 2001, repeals the federalestate tax for 2010 decedents. In addition, the act repealed the credit for state estate taxes forindividuals dying after December 31, 2004, and replaced the credit with a deduction. In moststates, the repeal of the tax and the significant increase in the federal exclusion will also repeal ordiminish state estate, inheritance, and gift taxes. Some state budgets depend on the estate taxmore than others. As a percentage of total tax revenue collected from FY2001 to FY2004, stateestate tax contributions ranged from 0.19% in Alaska to 3.15% in Pennsylvania. After the federalcredit for state estate taxes changed to a deduction in 2005, revenue collected from this tax sourcedeclined significantly, and in 2010, 29 states no longer levied estate or inheritance taxes. In the111th Congress, H.R. 4154, passed by the House of Representatives on December 3, 2009, wouldpermanently set the estate tax exemption level at $3.5 million per decedent, and proposalscurrently under consideration in the Senate would similarly retain the estate tax after repeal in2010. This report will be updated as events warrant.
