146th GENERAL ASSEMBLY

 

FISCAL NOTE

REVISED

 

DESCRIPTION:        AN ACT TO AMEND TITLES 3, 12, AND 30 OF THE DELAWARE CODE RELATING TO THE ESTATE TAX.

 

 

ASSUMPTIONS:


 

  1. Effective July 1, 2011.

 

  1. The Act eliminates the State’s estate tax.

 

  1. There is a 9 month lag between death and tax payment.

 

  1. The revenue loss estimate is based on DEFAC’s May 2011 forecast.

 

REVENUE LOSS:

 

            FY 2012                                                $5,000,000

 

            FY 2013                                                $21,200,000

 

 

 

 

 

 

 

Office of Controller General                                                        (Amounts are shown in whole dollars)

May 31, 2011

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