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Article: Estate of affairs. (Money: Buzz).(state estate tax)(Brief Article)
- Article from:
- Entrepreneur
- Article date:
- April 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 Entrepreneur Media, Inc. 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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Since Congress repealed the federal estate tax in 2001, entrepreneurs have welcomed the opportunity to inherit or pass on their businesses without paying any tariff. But in some places, that opportunity will never exist. Confronting massive deficits and compelled by law to balance their budgets, 11 states and the District of Columbia have "decoupled" from the federal estate tax repeal. In other words, they will not repeal their state estate taxes, tariffs most entrepreneurs never paid before because they previously received a credit for paying the federal tax and applied this credit to their state estate tax. Now, however, small-business owners in these areas will have to ...
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