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Friday, December 14, 2012

States Face $3 Billion Estate Tax Windfall If We Fall Off Fiscal Cliff

Forbes:  States Face $3 Billion Estate Tax Windfall If We Fall Off Fiscal Cliff, by Ashlea Ebeling:

Will estate taxes come back from the dead in 30 states on Jan. 1? Yes, if Congress stalls on fiscal cliff talks, which include the fate of the federal estate tax.

If Congress does nothing, the federal estate tax law reverts to pre-2001 parameters, including an obscure provision known as the state death tax credit that allows states to share in estate tax revenue the Treasury collects. As a result, 30 states would resume collecting estate taxes, boosting their revenue by about $3 billion in 2013, calculates Norton Francis, a senior research associate at the Urban Institute in Back From the Dead: State Estate Taxes After The Fiscal Cliff.

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