Opinion ID: 834848
Heading Depth: 1
Heading Rank: 2

Heading: Nullifies existing inheritance tax on estates of $1 million, prohibits taxing family property transfers

Text: Result of Yes Vote: Yes vote nullifies, prohibits existing inheritance tax on estates of $1 million or more, other death-related or family property transfers; reduces state revenue. Result of No Vote: No vote retains existing inheritance tax on estates of $1 million or more; retains tax on all income-producing property transfers between family members. Summary: Current law imposes a one-time inheritance tax on estate of person dying on or after January 1, 2012, if its gross valuedetermined by federal laws as of December 31, 2010is at least $1 million. Current law taxes income-producing property sales, regardless of parties' relationship. Measure nullifies existing inheritance tax, tax on property transfers between family members (defined), and tax on property transferred in connection with a person's death; prohibits imposition of such taxes on property of a person dying on or after January 1, 2013. State may cooperate with other states and federal government in administering their estate/inheritance taxes; permits fees on probate, other transactions that occur following person's death. Measure reduces state revenues; provides no replacement. Other provisions.