Coordination of State and Federal Inheritance, Estate, and Gift Taxes PDF Download
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Author: United States. Advisory Commission on Intergovernmental Relations
Publisher:
ISBN:
Category : Gifts
Languages : en
Pages : 160
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Book Description
Author: United States. Advisory Commission on Intergovernmental Relations
Publisher:
ISBN:
Category : Gifts
Languages : en
Pages : 160
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Book Description
Author: Steven Maguire
Publisher: Createspace Independent Publishing Platform
ISBN: 9781481071420
Category :
Languages : en
Pages : 0
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Book Description
An estate tax is a tax levied on the assets left behind by a decedent. The federal government and many state governments levy estate taxes or some type of tax on the transfer of assets at death. In 2012, the federal estate tax allows for a $5.12 million exclusion and a top rate of 35%. The federal estate tax is scheduled to revert to the pre-2001 structure on January 1, 2013, with a $1 million exclusion and top rate of 55%. The Administration's FY2013 budget proposes a federal estate tax with a $3.5 million exemption and top rate of 45% for 2013. Many states also levy estate or inheritance taxes (or both) that are linked to federal law. If the federal estate tax is allowed to revert to pre-2001 law, state and federal estate tax revenue will increase significantly by imposing a greater tax burden on estates than would an extension of 2012 law or the President's FY2013 budget proposal. The percentage increase in state estate tax revenue would likely be greater than the percentage increase in federal estate taxes under a return to pre-2001 law. The principal cause is the return of the federal credit for state death taxes when the tax changes originally enacted by the Economic Growth Tax Relief and Reconciliation Act in 2001 (EGTRRA, P.L. 107-16) expire. Before EGTRRA, all 50 states and the District of Columbia imposed an estate tax where state estate taxes were linked directly to the federal credit for state death taxes paid ("death" taxes because the credit could also be used for inheritance and succession taxes). The dollar-for-dollar credit meant that state taxes were not an additional burden, creating the equivalent of a revenue sharing arrangement between the federal government and the states as most states structured their taxes to match exactly the federal credit. EGTRRA gradually replaced the federal credit with a deduction. Because of this change to a deduction, state estate and inheritance taxes were no longer offset on a dollar-for-dollar basis and, as a result, imposed an additional burden on estates and heirs. States were then lobbied for relief from this additional estate tax burden. As a result, by 2012, just 16 states and the District of Columbia imposed an estate tax and 8 states imposed an inheritance tax (2 states levied both). As Congress considers the future of the federal estate tax, questions concerning the coordination of the tax with the states have arisen. This report examines the interaction of federal and state estate taxes under three policy alternatives: (1) extend the 2012 law, (2) revert to the pre-2001 law, and (3) return to the 2009 law as proposed in the Administration's FY2013 budget proposal. A fourth option, repeal of the federal estate tax, has also been proposed. If the federal estate tax were repealed, repeal of most remaining state estate taxes would likely follow. This option, however, would most likely be considered in the context of broader tax reform and is beyond the scope of this report. Which course of action Congress will choose is uncertain and the impact on the states is unclear. What is more certain is that coordination with states would likely reduce administrative and compliance costs of the estate tax, increase the progressivity of the code generally, and possibly increase the economic efficiency of state estate taxes.
Author: Lafayette Blanchard Gleason
Publisher:
ISBN:
Category : Gifts
Languages : en
Pages : 1550
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Book Description
Author: United States. Internal Revenue Service
Publisher:
ISBN:
Category : Estate planning
Languages : en
Pages : 40
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Book Description
Author: United States. Congress. House. Committee on Ways and Means
Publisher:
ISBN:
Category : Taxation
Languages : en
Pages : 122
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Book Description
Author: United States. Department of the Treasury
Publisher:
ISBN:
Category : Taxation
Languages : en
Pages : 104
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Book Description
Author: United States. Department of the Treasury. Division of Tax Research
Publisher:
ISBN:
Category : Intergovernmental tax relations
Languages : en
Pages : 38
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Book Description
Author: United States. Congress. Senate. Committee on Finance. Subcommittee on Estate and Gift Taxation
Publisher:
ISBN:
Category : Gifts
Languages : en
Pages : 1386
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Book Description
Author: Chamber of Commerce of the United States of America. Committee on Federal Finance
Publisher:
ISBN:
Category : Inheritance and transfer tax
Languages : en
Pages : 44
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Book Description
Author: Randall J. Gingiss
Publisher: Gilbert Law Summaries
ISBN: 9780314143501
Category : Electronic books
Languages : en
Pages : 0
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Book Description
This Estate and Gift Tax Outline discusses the Estate Tax, the Gift Tax, Coordination of the Federal Estate and Gift Taxes, The Generation-Skipping Transfer Tax, Taxing Jurisdiction, Proposals for Repeal of the Federal Estate Tax, Substantive Aspects of the Estate Tax, Substantive Aspects of the Gift Tax, Valuation, Computation of Tax, Returns and Payment of Tax, and Tax on Generation-Skipping Transfers.
