This means that as EGTRRA phased out the federal state death tax credit, it also decreased state revenues.
FORBES: For "Conforming States," State Death Taxes Will Rise When EGTRRA "Sunsets"
June 7th marked the 10th anniversary of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
Critics of the Bush tax cuts used the anniversary of EGTRRA to call for higher taxes on the wealthy.
Further, because EGTRRA took away the credit in 2005, a number of states are no longer collecting estate taxes.
FORBES: For "Conforming States," State Death Taxes Will Rise When EGTRRA "Sunsets"
However, the estate tax repeal, and all other provisions of EGTRRA, are scheduled to sunset on December 31, 2010.
FORBES: Pssst. Don't Tell The IRS. It's Spring And The Estate Tax Has Been Reinstated
The surging interest in these plans is a result of the EGTRRA tax law change that became effective in 2002.
The Pension Protection Act of 2006 (Public Law 109-280, 120 Stat. 780) permanently extended the EGTRRA amendments to include 529 plans.
These states are looking forward to the end of EGTRRA, which is currently scheduled to happen at the end of 2010.
FORBES: For "Conforming States," State Death Taxes Will Rise When EGTRRA "Sunsets"
On January 1, 2013, EGTRRA sunset provisions would again apply with federal or state legislative action necessary to eliminate the Wisconsin estate tax for 2013.
Enacted in 2001, the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) made significant changes to the federal estate tax credit for state death taxes.
FORBES: For "Conforming States," State Death Taxes Will Rise When EGTRRA "Sunsets"
The estate and generation-skipping transfer (GST) taxes were repealed on January 1, 2010, under Title V of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
FORBES: Pssst. Don't Tell The IRS. It's Spring And The Estate Tax Has Been Reinstated
It would repeal the sunsets of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and of the Jobs and Growth Tax Relief Reconciliation Act of 2003.
FORBES: Pence-DeMint Tax Relief Certainty Act (H.R.6415 & S.3975) Would Extend The Bush Tax Cuts
If the sunset provision is not repealed in 2011, estate tax law would return to the law in place prior to the enactment of EGTRRA on June 7, 2001.
FORBES: Pssst. Don't Tell The IRS. It's Spring And The Estate Tax Has Been Reinstated
The language of EGTRRA is interesting.
FORBES: For "Conforming States," State Death Taxes Will Rise When EGTRRA "Sunsets"
The estate, gift, and generation-skipping transfer tax provisions of EGTRRA and of the 2010 Act are scheduled to sunset after 2012, such that those provisions do not apply to estates of decedents dying, gifts made, or generation-skipping transfers made after December 31, 2012.
FORBES: JCT Summarizes Federal Estate And Gift Taxes From 1975-2011
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