DE HB492

Redefines the Delaware estate tax to equal the federal estate tax credit for state death taxes, making the tax dependent on federal law rather than a fixed state amount.

Modifies the estate tax to apply only to the portion of a nonresident's estate consisting of real and tangible personal property located in Delaware, calculated as a fraction of the federal estate tax credit.

Changes the requirement to file Delaware estate tax returns to apply only when a federal estate tax return is required AND the federal estate tax law allows a credit for state death taxes on the decedent's date of death.

Eliminates the special lien on estates when the federal estate tax does not allow a credit for state death taxes paid.

Effective for decedents dying after June 30, 2010.