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This bill changes
the estate tax exclusion for estates of decedents dying on or after January
1, 2025 from $5,600,000 to the federal estate tax exclusion amount, which is
expected to be $14,200,000 in 2025. The increased exclusion will result in a
decrease in General Fund revenue of $2,787,356 in fiscal year 2024-25. Any
additional administrative costs to the Department of Administrative and
Financial Services, Bureau of Revenue Services to implement the provisions of
this bill are expected to be minor and can be absorbed within existing
budgeted resources. |