Transfer Tax Tidbits: The Pick-Up Tax v. The Stand-Alone Tax: What Does the Future Hold?


Some estate tax changes have happened recently on the state level that taxpayers should be aware of for planning purposes.  In particular, some states have been busy repealing their pick-up taxes, which are tied to the federal credit for state taxes paid, while others are phasing out their stand-alone taxes.

Georgia, Iowa and South Dakota have all recently repealed their estate taxes. 

Maryland and New York have made certain changes to their estate taxes by raising the exemption amount to conform to the federal exemption.

In an upcoming Bloomberg BNA Weekly State Tax Reportarticle, Thomas “TJ” Aldous, Jr., a partner at Williams Mullen, discusses the impact of these changes, as well as what the future holds for the permanently eliminated federal credit for state taxes paid.

For more information about state estate taxes, check out Bloomberg BNA’s Estates, Gifts and Trusts Navigator,by signing up for a free trial of the Bloomberg BNA Premier State Tax Library today.

 

By: Kathleen Caggiano

Follow Kathleen on Twitter at:  @katcaggiano .

Follow BBNA on Twitter at: @BBNATax .