Estate tax threshold

From the 2024 DOR Tax Exemption Study

83.100.020(1) - Estate tax threshold Description Through calendar year 2013, $2 million is excluded from the value of an estate in determining the amount of estate tax, if any. Legislation passed in 2013 that annually adjusts the exclusion amount. The adjustment is determined using the Seattle-Tacoma-Bremerton metropolitan area consumer price index. The exclusion amount for estates of decedents dying in calendar year 2022 is $2,193,000. Purpose Subject only higher-valued estates to the estate tax while exempting lower-valued estates. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $4,710.000 $4,496.700 $4,701.600 $4,921.300 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $323.800 $1,419.900 $1,481.300 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect July 1, 2024. The first payments would be due on April 1, 2025, resulting in three months of impact in fiscal year 2025. - All payments are made timely at the nine-month due date. - Approximately 70,000 deaths