Consideration of Estate Tax Repeal Pushed Back to March
As often happens to committee-agenda items scheduled last, the General Assembly’s Revenue Laws Study Committee ran out of time today before members could consider proposed legislation to repeal North Carolina’s estate tax.
According to the committee’s chair, Senator Rucho, consideration of the legislation, including testimony by the Budget and Tax Center and the NC Center for Nonprofits, will be rescheduled for the committee’s next meeting in March.
Under the proposed legislation, North Carolina would no longer levy an estate tax after 2012 regardless of what happens to the federal estate tax in 2013, when the federal estate tax is, by law, set to return to its pre-Bush-tax-cut parameters.
Before pushing through with repealing the estate tax, lawmakers would be well advised to strongly consider the consequences for state revenues and ensuring that all North Carolinians pay their fair share in taxes.