The Herald of Everett, Washington
Customer service  |  Subscribe   |   Log in or sign up   |   Advertising information   |   Contact us
HeraldNet on Facebook HeraldNet on Twitter HeraldNet RSS feeds HeraldNet Pinterest HeraldNet Google Plus HeraldNet Youtube
HeraldNet Newsletters  Newsletters: Sign up  Green editions icon Green editions

Court ruling on estate tax will cost $50M

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
Associated Press
OLYMPIA -- A state Supreme Court ruling limiting the collection of estate taxes will cost the state nearly $50 million in the current budget.
Justices decided Thursday that Washington's estate tax will not apply to married couples who had used a certain estate planning trust prior to 2005. State officials had argued that taxes were due once the second spouse died.
Department of Revenue spokesman Mike Gowrylow estimated that the decision will cost the state $47.6 million during the current biennium for refunds of taxes that were paid and others that won't be collected. He estimates that the decision will cost the state $5 million per year after the first adjustments are made.
Story tags » State Supreme Court

More Northwest Headlines


HeraldNet Headlines

Top stories and breaking news updates


Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus