On Mar. 14, WAS LEG enacted bill on estate tax filing requirements.
WAS LEG enacted bill HB 1867 re eliminating the estate tax filing requirement for certain estates involving qualifying familial residence, amends WAS LEG 83.100.050.
Bill Provisions
A Washington return is not required to be filed for decedent's estate if that estate is not otherwise required to file an estate tax return to claim a specific election.
Also, if decedent was survived by a spouse and decedent's qualifying family residence included in the decedent's gross estate passed from the decedent to the spouse.
Further, if the value of the decedent's gross estate less the value of the decedent's interest in a qualifying family residence is less than the applicable exclusion amount.
Principal place of residence is residence occupied by both decedent and the decedent's spouse for more than six months of the 12 months preceding the decedent's death.
Defines residence to include a single-family dwelling unit in cooperative housing, consisting of manufactured mobile home, or situated upon lands held by US trust.
Legislative History
On Dec. 5, 2023, bill was introduced in House; on Jan. 31, 2024, bill passed in House.
On Feb. 1, 2024, bill was introduced in Senate; on Mar. 1, 2024, bill passed in Senate.
On Mar. 14, 2024, bill was signed by the governor, and assigned Chapter 82.
Effectiveness
Bill goes into effect on Jun. 6, 2024.
Regulators
WAS LEG
Entity Types
Corp; Fiduciary
Reference
Ch. 82, Bill SB1867, 3/14/2024; Citation: WAS LEG 83.100.050;
