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Wednesday, April 27, 2005
WA Passes New Stand-Alone State Estate Tax
As support for the estate tax continues to flounder somewhat at the national level, the state of Washington recently demonstrated their support of the estate tax by approving on April 24 a new stand-alone estate tax that is expected to generate nearly $140 million of state revenue over the next two years.
This move is especially significant because in February, the Washington State Supreme Court "threw out" the state's existing estate tax for various technical reasons, costing the state roughly $430 million in state revenues. However, in resistance to this, Governor Christine Gregoire (D-WA) included the estate tax in her budget proposal. State legislators rallied around her decision and passed the bill, which is now headed to the Governor for her signature.
The Washington estate tax will apply to estates worth more than $1.5 million. In 2006, that level will rise to $2 million. An estimated 250 Washington estates will be subject to tax each year.
Posted by Becky Lewis
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