Vote Smart's Synopsis:

Vote to pass a bill that amends estate tax laws, effective immediately.

Highlights:

• Requires the following adjustments to be made to the “Washington taxable estate,” effective retroactively to all estates of decedents dying beginning May 17, 2005 and prospectively on January 1, 2014 (Sec. 3):
• For the taxpayer that made the election, any marital deduction amount is added to, and the value of property for which an election was made is deducted from, the Washington taxable estate; and
• For the estate of the surviving spouse, the estate’s gross estate amount is deducted from, and the value of any property for which an election was previously made is added to, the Washington taxable estate.

• Amends the definition of “Washington taxable estate” to include the value of any property included in the gross estate, regardless of whether the decedent’s interest in such property was acquired before May 17, 2005, effective retroactively to all estates of decedents dying beginning May 17, 2005 (Secs. 2 & 6).

• Amends the definition of “transfer,” as it relates to the estate tax, to include any transfer of the property value or the property ownership, effective retroactively to all estates of decedents dying beginning May 17, 2005 (Secs. 2 & 6).

• Specifies that this bill does not affect any final court judgment that is no longer subject to appeal and which occurred before the effective date of this bill (Sec. 7).

Full Bill Text