Title: Reduces Inheritance Taxes; Increases Exemptions Therefrom
Signed by Governor Pete Ricketts
Title: Reduces Inheritance Taxes; Increases Exemptions Therefrom
Vote to pass and amend a bill that reduces inheritance taxes and increases exemptions therefrom.
Amends inheritance tax rate to 1% “of the clear market value of the property received by each person in excess of one hundred thousand dollars”; applies to decedents dying on or after January 1, 2023 (Sec. 1).
Exempts from tax any interest passing to person under 22 years of age (Sec. 1).
Amends inheritance tax rate for other relatives; 11% of value in excess of $40,000 (Sec. 2).
Amends such tax rate “[i]n all other cases” of beneficial interests (Sec. 4).
Requires estates’ personal representatives to submit inheritance tax forms to county treasurer (Sec. 5).
Title: Reduces Inheritance Taxes; Increases Exemptions Therefrom