Bill > HB1484

This bill updates the estate tax exclusion amount in Washington state. The key provisions are: 1. The applicable exclusion amount for estate tax is increased from $2,193,000 for decedents dying before August 1, 2023 to $2,659,000 for decedents dying on or after August 1, 2023. This amount will be adjusted annually based on the consumer price index. 2. The bill also provides the definition and methodology for calculating the "consumer price index" and "Seattle area" used for the annual adjustment. 3. The bill takes effect on August 1, 2023. The purpose of this bill is to update the estate tax exclusion amount in Washington to account for inflation and changes in the value of estates over time, ensuring the estate tax continues to apply to higher-value estates.