District of Columbia Proposes Reduction in Estate Tax Exemption from $5.6 Million to $4.0 Million

The District of Columbia Council, as part of a budget proposal that would increase taxes to cover a COVID-19 triggered revenue shortfall, has proposed legislation that would reduce the DC Estate Tax Exemption from the current $5.6 million per person to $4 million. The effective date of the proposal would be retroactively to the beginning of 2020.

See the amendment by clicking here.

See the FY 2021 Budget Support Act of 2020 on the Council Website here.

See The Washington Post article describing the proposals here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..

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