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SMALL BUSINESS NEWS

Mar 2018

 

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Delaware Repeals Estate Tax

Delaware is the latest state to eliminate the Estate Tax.  The 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 federal exemption).

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.  They include:

 

Connecticut [Estate]

Hawaii [Estate]

Illinois [Estate]

Iowa [Inheritance]

Kentucky [Inheritance]

Maine [Estate]

Maryland [Estate & Inheritance]

Massachusetts [Estate]

Minnesota [Estate]

Nebraska [Inheritance]

New Jersey [Inheritance]

New York [Estate]

Oregon [Estate]

Pennsylvania [Inheritance]

Rhode Island [Estate]

Vermont [Estate]

Washington [Estate]

D.C. [Estate]
 

Sources:
Delaware Estate Tax: Title 30, Chapter 15

Tas Foundation

By Bill Williams

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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