||The bill lowers
the estate tax exclusion amount to $2,000,000 and creates an additional
exclusion amount for qualified family farms and aquaculture, fishing and wood
harvesting businesses of $3,800,000 for estates of decedents dying on or
after January 1, 2022 and will result in an increase in General Fund revenue
of $15,525,000 in fiscal year 2022-23.
The bill includes General Fund appropriations of $338,960 in fiscal
year 2021-22 and $641,612 in fiscal year 2022-23 to the Department of
Administrative and Financial Services for one Tax Section Manager position, 2
Senior Tax Examiner positions, 3 Tax Examiner II positions and related costs
to process and audit estate tax returns and review for potential recapture of
the additional exclusion amount.