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State Estate and Gift Tax Revenue , Record No.: RS20853, Date: July 14, 2003 1 (July 14, 2003)

handle is hein.tera/crstax0159 and id is 1 raw text is: Order Code RS20853 Updated July 14, 2003 CRS Report for Congress Received through the CRS Web State Estate and Gift Tax Revenue Steven Maguire Economic Analyst Government and Finance Division Summary P.L. 107-16, the Economic Growth and Tax Relief Reconciliation Act of 2001, repeals the federal estate tax for decedents that die in 2010. In addition, the Act repeals the credit for state estate taxes for decedents dying after December 31, 2004 and replaces the credit with a deduction. In most states, the repeal of the tax and the significant increase in the federal exclusion, will also repeal or diminish state estate, inheritance, and gift taxes. Some state budgets depend on the estate tax more than others. As a percentage of total tax revenue collected from FY1992 to FY2002, state estate tax contributions ranged from 0.16% in Alaska to 3.62% in New Hampshire. As of June 2003, 29 states, including Alaska and New Hampshire, will have estate taxes that will be repealed in 2005 when the federal credit for state death taxes is changed to a deduction. This report will be updated as events warrant. The federal estate tax will be repealed gradually by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Repeal of the federal estate tax and increase of the exclusion amount (or its credit equivalent) as prescribed by EGTRRA will also repeal or diminish most state estate, inheritance, and gift taxes.' In FY2002, state estate and gift tax revenue was 1.38% of total state tax revenue, but there was considerable variation among the states. This report will briefly describe the federal credit for state estate taxes and provide data on the relative importance of estate, inheritance, and gift taxes to each state and the District of Columbia. ' For the remainder of the report, all state taxes that are triggered by death will be referred to as state estate taxes. Thus, state estate taxes, will included state inheritance taxes, succession taxes, and estate taxes. 2 U.S. Census Bureau, Governments Division, State Government Tax Collections, Web site [http://www.census.gov/govs/statetax/0200usstax.html] visited July 1, 2003. Congressional Research Service ** The Library of Congress

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