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Key Votes

HB 2075 - Repeals Marital Trust Estate Tax Exemption - Washington Key Vote

Timothy Sheldon voted Nay (Passage) on this Legislation.

Read statements Timothy Sheldon made in this general time period.

Timeline

Issues Related to HB 2075

Stage Details

Legislation - Signed (Executive) -

Title: Repeals Marital Trust Estate Tax Exemption

Legislation - Bill Passed (Senate) (30-19) - (Key vote)
See How Your Politicians Voted

Title: Repeals Marital Trust Estate Tax Exemption

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that repeals the marital trust estate tax exemption.

Highlights:
  • Specifies that the stand-alone estate and transfer tax applies to all property transfers retroactive to May 17, 2005, including, but not limited to, the following transfers (Secs. 1 & 2):
    • A transfer of property between married individuals;
    • A transfer of qualified terminable interest property (QTIP); and
    • A shifting upon death of an economic or legal benefit that comes from the ownership or “enjoyment” of property.
  • Amends the definition of “applicable exclusion amount” for the purposes of determining estate tax to be as follows (Sec. 2):
    • $1.5 million for estates of decedents dying before January 1, 2006;
    • $2 million for estates of decedents dying on or after January 1, 2006 and before January 1, 2014; and
    • $2 million multiplied by 1 plus the percentage of the most recent consumer price index for estates of decedents dying on or after January 1, 2014.
  • Authorizes an estate tax deduction of up to $2.5 million for a decedent’s qualified family-owned business if certain conditions are met including, but not limited to, the condition that the decedent’s interest in the business was no more than $6 million (Sec. 3).
  • Amends the tax rates on Washington taxable estates that are at least $9 million in the following ways (Sec. 4):
    • Increases the initial tax amount from $1.44 million to $1.49 million; and
    • Increases the added tax rate from 19 percent to 20 percent.
Legislation - Bill Passed (House) (53-33) - (Key vote)
See How Your Politicians Voted

Title: Repeals Marital Trust Estate Tax Exemption

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that repeals the marital trust estate tax exemption.

Highlights:
  • Specifies that the stand-alone estate and transfer tax applies to all property transfers retroactive to May 17, 2005, including, but not limited to, the following transfers (Secs. 1 & 2):
    • A transfer of property between married individuals;
    • A transfer of qualified terminable interest property (QTIP); and
    • A shifting upon death of an economic or legal benefit that comes from the ownership or “enjoyment” of property.
  • Amends the definition of “applicable exclusion amount” for the purposes of determining estate tax to be as follows (Sec. 2):
    • $1.5 million for estates of decedents dying before January 1, 2006;
    • $2 million for estates of decedents dying on or after January 1, 2006 and before January 1, 2014; and
    • $2 million multiplied by 1 plus the percentage of the most recent consumer price index for estates of decedents dying on or after January 1, 2014.
  • Authorizes an estate tax deduction of up to $2.5 million for a decedent’s qualified family-owned business if certain conditions are met including, but not limited to, the condition that the decedent’s interest in the business was no more than $6 million (Sec. 3).
  • Amends the tax rates on Washington taxable estates that are at least $9 million in the following ways (Sec. 4):
    • Increases the initial tax amount from $1.44 million to $1.49 million; and
    • Increases the added tax rate from 19 percent to 20 percent.
Legislation - Introduced (House) -

Title: Repeals Marital Trust Estate Tax Exemption

Sponsors

  • Reuven M. Carlyle (WA - D) (Out Of Office)
  • Mary Helen Roberts (WA - D) (Out Of Office)
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