The Estate Tax Among the States

As I have previously discussed, the states have moved to enact laws that would either change or eliminate their respective estate tax. Here is an update on the what the status of these proposed laws.

• Connecticut: Legislation is dead.
• Hawaii: The legislature enacted legislation that would set the estate tax exemption amount to match the amount set by the federal government. The new law will come into effect on January 25, 2012.
• Indiana: The legislature enacted legislation that would slowly repeal the state’s inheritance tax by providing a 10% tax credit to the estate of dying individuals. A 10% increase in the tax credit will occur every year until the inheritance tax is gone.
• Illinois: The legislature enacted legislation, but the bill that would have allowed portability died.
• Kentucky: Legislation is dead.
• Maine: The legislature enacted legislation.
• Maryland: Legislation is dead.
• Minnesota: Legislation is dead.
• New Jersey: The legislature has made no progress on the proposed legislation.
• New York: Legislation is dead.
• Ohio: The legislature enacted legislation.
• Oregon: The legislature enacted legislation.
• Rhode Island: Legislation is dead.
• Tennessee: The legislature enacted legislation.
• Vermont: Legislation is dead.
• Wisconsin: Legislation is dead.

See Sharon L. Klein, Multi-State Estate Tax Update: Much Activity – What Are The Results?, Wealth Strategies Journal, July 10, 2012.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.