NC House panel approves ending "death" tax

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by Associated Press

WCNC.com

Posted on February 20, 2013 at 12:17 PM

RALEIGH, N.C. (AP) -- Republicans in the North Carolina House want to repeal a tax on multi-million dollar estates that they say encourages the wealthy to move out of state and hurts family-owned farms.  

The House Finance Committee approved a bill Wednesday to end the state's estate tax.  

State law exempts the first $5.25 million of the estate of someone who dies, just like the federal estate tax. A decision last month by Congress means estates could be forced to pay additional state taxes unless laws are changed.    

Democrats opposing the bill say the current tax affects less than 1 percent of estates. They say the change would cost the state $52 million next year.  

Senate leader Phil Berger said this week his idea of fair tax reform would include repealing the estate tax.
 

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