HB 2302 - DIGEST

Recognizes that on February 3, 2005, the Washington state supreme court decided in Estate of Hemphill v. Dep't of Rev., Docket No. 74974-4, that Washington's estate tax is tied to the current federal Internal Revenue Code.

Finds that the revenue loss resulting from the Hemphill decision will severely affect the legislature's ability to fund programs vital to the peace, health, safety, and support of the citizens of this state.

Declares an intent to address the adverse fiscal impact of the Hemphill decision and provide funding for Initiative No. 728 by creating a stand-alone state estate tax that is not affected by changes in federal law after 2001.

Declares an intent to provide additional funding for Initiative No. 728 by increasing the cigarette tax by twenty cents per pack through June 30, 2007, and eighty cents per pack thereafter.