SENATE BILL

JUL
21
2016

SBN-867: Instituting Estate Tax Reform

Instituting Estate Tax Reform, Amending For This Purpose Sections 84, 86 (A), 89, 90, And 97 Of The National Internal Revenue Code Of 1997, As Amended, And For Other Purposes

  • With this bill, the actual funeral expenses, and medical expenses incurred within one year immediately preceding the death of the decedent, can now be claimed in full as deductions against the gross estate.
  • It increases the value of the family home and the amount of standard deduclation to be allowed as deductions against the gross estate and provides automatic indexation of the value or amount every six years.
  • Also, it increases the threshold amounts and provides automatic indexation every six years for the requirement of filing an estate tax return and submission of a CPA certification. It will only require the filing of notice of death if the estate is required to file an estate tax return.
  • Finally, the bill allows withdrawal from a bank account of a decedent, in an amount not exceeding the aggregate amount of the estate tax due, funeral expenses and other expenses related to the settlement of the estate.

 

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