decreases the estate tax exclusion amount from $5,600,000 to $2,000,000 for
estates of decedents dying on or after January 1, 2020 and creates an
additional exclusion for family farms, aquaculture, fishing and wood
harvesting businesses of up to $3,800,000.
It is estimated to increase General Fund revenue by $12,300,000 in
fiscal year 2020-21. The bill includes
a General Fund appropriation of $299,866 in fiscal year 2020-21 to the
Department of Administrative and Financial Services for one Tax Section
Manager position, one Senior Tax Examiner position, 3 Tax Examiner positions
and related costs to process and audit additional estate tax returns.