DC Council Proposes Increased Estate Tax Exemptions for Residents

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Nobody likes to talk about dying, but the “death tax” is an important part of tax planning. DC residents considering the potential disposition of their estate should be heartened by recent legislative events. On June 24, 2014, the DC Council passed the Tax Revision Commission Implementation Amendment Act (TRCA), which included certain increases to the DC estate tax exemption. At the First Reading of the bill on May 28, 2014, the proposed exemption was $2 million (up from $1 million) for decedents dying in 2016, with a further increase in 2018 to the same amount as the federal estate …read more

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