Repeals Estate Tax
Delaware is the latest state to eliminate the Estate Tax.
Bill was signed into law in July 2017 but is effective
as of January 1, 2018.
Previously Delaware had a maximum rate of 16% and the
highest exemption threshold at $5,430,000 (matching the
Individuals dying after December 31, 2017 will be impacted
by the repeal.
In order to avoid paying these taxes individuals left the
state to setup
residence in other states where there were no estate taxes
thus significantly reducing the amount of income the state
was expecting to receive from the tax.
This will benefit small business owners who want to pass on
their businesses to their siblings.
There are still 17 states and the District of Columbia that
impose an estate tax, an inheritance tax, or both.
Maryland [Estate & Inheritance]
New Jersey [Inheritance]
New York [Estate]
Rhode Island [Estate]
Delaware Estate Tax: Title 30, Chapter 15