LEGISLATIVE FISCAL OFFICE
Fiscal Note
Fiscal Note On: HB 718 HLS 24RS 1027
Bill Text Version: ENROLLED
Opp. Chamb. Action:
Proposed Amd.:
Sub. Bill For.:
Date: May 10, 2024 9:27 AM Author: CARVER
Dept./Agy.: Revenue
Subject: Inheritance Tax: Eliminate Statutory References Analyst: Benjamin Vincent
TAX EN NO IMPACT GF RV See Note Page 1 of 1
Repeals certain provisions of law referring to inheritance taxes
Current law levies no inheritance tax, and does not include the value of property acquired by inheritance in taxable income.
Previous law levying an inheritance tax was repealed in 2008.
Proposed law removes multiple references to the repealed inheritance tax from the Revised Statutes.
Effective upon governor’s signature.
EXPENDITURES 2024-25 2025-26 2026-27 2027-28 2028-29 5 -YEAR TOTAL
State Gen. Fd. $0 $0 $0 $0 $0 $0
Agy. Self-Gen. $0 $0 $0 $0 $0 $0
Ded./Other $0 $0 $0 $0 $0 $0
Federal Funds $0 $0 $0 $0 $0 $0
Local Funds $0 $0 $0 $0 $0 $0
Annual Total $0 $0 $0 $0 $0 $0
REVENUES 2024-25 2025-26 2026-27 2027-28 2028-29 5 -YEAR TOTAL
State Gen. Fd. $0 $0 $0 $0 $0 $0
Agy. Self-Gen. $0 $0 $0 $0 $0 $0
Ded./Other $0 $0 $0 $0 $0 $0
Federal Funds $0 $0 $0 $0 $0 $0
Local Funds $0 $0 $0 $0 $0 $0
Annual Total $0 $0 $0 $0 $0 $0
EXPENDITURE EXPLANATION
There is no anticipated direct material effect on governmental expenditures as a result of this measure. LDR reports that
they will no longer be required to collect or retain certain documents required by existing statutes for estate tax purposes,
however the administrative burden of these existing requirements is not material.
REVENUE EXPLANATION
There is no anticipated direct material effect on governmental revenues as a result of this measure.
Senate Dual Referral Rules House
13.5.1 >= $100,000 Annual Fiscal Cost {S & H} 6.8(F)(1) >= $100,000 SGF Fiscal Cost {H & S}
Deborah Vivien
13.5.2 >= $500,000 Annual Tax or Fee 6.8(G) >= $500,000 Tax or Fee Increase
Change {S & H} or a Net Fee Decrease {S} Chief Economist


Statutes affected:
HB718 Original: 6:314(E), 9:1515(C)
HB718 Engrossed: 6:314(E), 9:1515(C)
HB718 Enrolled: 6:314(E), 9:1515(C)
HB718 Act 84: 6:314(E), 9:1515(C)