What is the effective date of the inheritance tax repeal?
Inheritance tax is repealed effective January 1, 2010. However, Acts 2008, No. 822 provides that, effective January 1, 2008, inheritance taxes shall prescribe within three years from December 31st of the year in which the taxes become due. For deaths before July 1, 2004, the date the taxes become due is determined by whether an inheritance tax return has been filed. If a return has been filed, the taxes become due nine months following death. But, under Act 822, if a return was not filed, taxes became due January 1, 2008, and will prescribe January 1, 2011.
Inheritance tax is repealed effective January 1, 2010. However, Act 822 of the Regular Legislative Session provides that, effective January 1, 2008, inheritance taxes shall prescribe within three years from December 31st of the year in which the taxes become due. For deaths before July 1, 2004, the date the taxes become due is determined by whether an inheritance tax return has been filed. If a return has been filed, the taxes become due nine months following death. But, under Act 822, if a return was not filed, taxes became due January 1, 2008, and will prescribe January 1, 2011.
