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Article: ESTATE TAX REPEAL WOULD COST STATE.(LOCAL/STATE)
- Article from:
- The Capital Times
- Article date:
- May 31, 2001
CopyrightCOPYRIGHT 2001 Capital Newspapers. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Associated Press
A provision of the federal estate tax repeal would cut Wisconsin revenue by $29 million during the fiscal year that starts in July 2002, the state Department of Revenue says.
The agency said the provision would also eventually reduce state revenue by $120 million annually.
The federal provision would end estate tax collections in Wisconsin even before the national estate tax would disappear in 2010.
A credit for state inheritance taxes is allowed on federal estate tax returns under current law. The credit reduces the amount of tax paid to the federal government dollar for dollar by the amount paid to the state. ...