DE HB265

Reinstates Delaware's estate tax for decedents dying after June 30, 2009, which had been effectively phased out between 2002 and 2005.

Calculates Delaware estate tax using the federal estate tax credit allowable under Section 2011 of the Internal Revenue Code as it existed on January 1, 2001, combined with other federal estate tax provisions in effect on the decedent's death date.

If the federal estate tax is not in effect on the decedent's death date, Delaware tax is calculated using the 2001 credit formula and federal estate tax laws as they existed immediately before the federal estate tax repeal.

Excludes any deduction for state death taxes allowed under Section 2058 of the Internal Revenue Code when calculating the Delaware estate tax.

Applies to estates of decedents dying on or after July 1, 2009.