The District of Columbia has reduced its estate tax exemption. The following is excerpted verbatim from the website of the DC Office of Tax and Revenue (“OTR”):
Wednesday, September 5, 2018
(Washington, DC) – The District of Columbia Office of Tax and Revenue (OTR) reminds tax professionals, software providers, businesses, and others about tax rate changes that will take effect on Monday, October 1, 2018. The changes will apply as required by the Fiscal Year 2019 Budget Support Emergency Act of 2018 for the following tax types:
Filing requirement: A District Estate Tax Return (Form D-76 or Form D-76EZ) must be filed for a decedent whose death occurs on or after January 1, 2018, if the decedent’s gross estate is $5,600,000 or more.
Zero bracket amount: The zero bracket amount (i.e., amount exempt from District estate tax) is increased to $5,600,000 for a decedent whose death occur on or after January 1, 2018.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.