6096 AMS JOHS CARL 025

SB 6096 - S AMD 611 TO S AMD (S3422.1)

By Senators Johnson and Zarelli

NOT ADOPTED 4/19/05

On page 3, line 5, beginning with ": (a)" strike every thing through "act" on line 8, and insert "the applicable exclusion amount in section 2010(c) of the Internal Revenue Code and less the amount of any deduction allowed under section 4 of this act"

On page 3, line 11, beginning with ": (a)" strike everything through "(b)" on line 12

On page 4, line 18, beginning with "The tax" strike everything through "tax" on line 20, and insert "No tax under this section is imposed for estates of decedents dying after December 31, 2009, and before January 1, 2011"

On page 9, line 14, beginning with ": (a)" strike everything through "dollars" on line 18, and insert "a federal return is required to be filed"

On page 16, line 24, beginning with "If" strike everything through "Provide" on line 34, and insert "All elections or valuations on the Washington return shall be made in a manner consistent with the federal return"

Renumber the sections consecutively and correct any internal references accordingly.

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EFFECT: Ties the Washington exclusion amount to that of the Federal estate tax. This would have the exclusion raise to $3.5 million in 2009, and there would be no tax in 2010. In 2011, if the federal government did not act on the legislation, the exclusion would go to $1 million.