Bill > H7240

This bill allows for an estate tax discharge, which is a formal release of any claim the government has on an estate for taxes, to be generated upon the recording of a specific statement with the decedent's municipality. This statement, to be filed by the executor, trustee, or other estate representative, simply declares that the total value of the deceased person's assets (the "gross estate") is low enough that no state or federal estate tax filing is required. This change aims to simplify the process for smaller estates by providing a clear mechanism for obtaining a discharge of any potential estate tax lien, which is a legal claim against the estate's property to secure payment of taxes. The bill also clarifies that for estates of individuals who died on or after January 1, 2025, there will be no fee associated with filing this statement, whereas a fee applied for estates with earlier death dates.

Budget and Finance

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