Bill > SB6347

This bill, titled "Undoing certain changes to the estate tax," amends existing Washington state law concerning estate taxes by adjusting the "applicable exclusion amount," which is the value of an estate that is exempt from estate tax. Specifically, it modifies the definition of this amount by reinstating and adjusting certain thresholds for estates of decedents dying on or after January 1, 2026, and introduces an annual inflation adjustment for the exclusion amount starting in 2027, based on the consumer price index for the Seattle-Tacoma-Bremerton metropolitan area. The bill also revises the tax tables for calculating the estate tax for decedents dying on or after July 1, 2025, and July 1, 2026, effectively undoing prior changes and re-establishing a different tax structure for those periods. The "Internal Revenue Code" (IRC) refers to the United States federal tax code, and "federal taxable estate" is the taxable estate as determined by the IRC, with certain modifications. The "Washington taxable estate" is the federal taxable estate adjusted according to state law, including deductions and the applicable exclusion amount.