Monday, November 28, 2005
Following the Washington Supreme Court's invalidation of the state's estate tax in Estate of Hemphill v. Washington State Department of Revenue 153 Wn.2d 544, 105 P.3d 391 (Feb. 3, 2005) (blogged here), the state legislature enacted a new estate tax effective May 17, 2005, applicable to Washington decedents with property in excess of $1.5 million (for decedents who die between May 17 and Dec. 31, 2005), or property in excess of $2 million (for decedents who die in 2006 and thereafter). The rate ranges from 10%-19%. For details, see:
Critics of the new estate tax plan a ballot initiative in 2006 to repeal the tax.