Signed by Governor Pete Ricketts

Vote Smart's Synopsis:

Vote to pass and amend a bill that reduces inheritance taxes and increases exemptions therefrom.

Highlights:

• Amends inheritance tax rate to 1% “of the clear market value of the property received by each person in excess of one hundred thousand dollars”; applies to decedents dying on or after January 1, 2023 (Sec. 1).

• Exempts from tax any interest passing to person under 22 years of age (Sec. 1).

• Amends inheritance tax rate for other relatives; 11% of value in excess of $40,000 (Sec. 2).

• Amends such tax rate “[i]n all other cases” of beneficial interests (Sec. 4).

• Requires estates’ personal representatives to submit inheritance tax forms to county treasurer (Sec. 5).

Full Bill Text