Relating to the estate tax; prescribing an effective date.

From the Legislature

The Act increases the amount of an estate that is not taxed and changes estate tax rates. (Flesch Readability Score: 75.1). [Digest: The Act tells the LRO to study the estate tax. (Flesch Readability Score: 95.1).] [Requires the Legislative Revenue Officer to study the estate tax. Directs the Legislative Revenue Officer to submit findings to the interim committees of the Legislative Assembly related to revenue not later than December 1, 2027.] Converts the $1 million exclusion for an estate subject to tax to a deduction of $2.5 million. Phases in the tax above the deduction. Raises the filing threshold for an estate tax return. Adjusts the deduction and filing threshold for inflation. Adjusts estate tax rates. Applies to the estates of decedents dying on or after January 1, 2027. Takes effect on the 91st day following adjournment sine die.