This bill aims to reinstate the estate tax rates that were in effect prior to May 20, 2025, specifically for estates of decedents who pass away on or after July 1, 2026. The legislation amends RCW 83.100.040 to establish a new tax structure for these estates, which includes a detailed table outlining the tax rates based on the taxable estate value. For estates of decedents dying on or after July 1, 2026, the tax rates will revert to those that were applicable before the changes made in 2025, with specific percentages and thresholds outlined in the bill.

The bill also includes provisions for estates of decedents dying between July 1, 2025, and July 1, 2026, which will have a different set of tax rates. Notably, the new language inserted into the law specifies the tax amounts and rates for estates in various value brackets, ensuring clarity on how the tax will be calculated. Additionally, the bill maintains a formula for calculating the tax when property is located both inside and outside of Washington, ensuring that only the value of property located within the state is taxed.

Statutes affected:
Original bill: 83.100.040