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DE SB17

Bill

Official Source

Status

Introduced

1/27/2015

Primary Sponsor

Gary Simpson

Click for details

Origin

Senate

148th General Assembly

AI Summary

  • Repeals Delaware's estate tax entirely by striking all provisions of Chapter 15, Title 30 of the Delaware Code
  • Eliminates the graduated tax rate structure that ranged from 0% on estates up to $40,000 to 16% on estates exceeding $10,040,000
  • Removes the exemption amount that had been tied to the federal applicable exclusion amount under Internal Revenue Code §2010(c)
  • Abolishes estate tax obligations for both Delaware resident decedents and nonresident decedents who owned real or tangible property in Delaware
  • Effective date is July 1, 2015, applying to estates of decedents dying on or after that date

Legislative Description

An Act To Amend Title 30 Of The Delaware Code Relating To The Estate Tax.

Last Action

Assigned to Finance Committee in Senate

1/27/2015

Committee Referrals

Finance1/27/2015

Full Bill Text

No bill text available