Could Florida Impose a Retaliatory Estate Tax?
A local Jacksonville state lawmaker is proposing just that. Rep. Charles McBurney has proposed a law imposing a retaliatory estate tax on non-residents who inherit property which is located in Florida.
The estate tax rate would be equal to what a Florida resident would have to pay in another state if the Florida resident inherited property located in that state.
Rep. McBurney’s intent is to try and protect Florida residents from taxation in a state which imposes a state estate tax. He feels it may discourage states from imposing their own separate estate tax. It is unclear however if the bill would ever make it through the legislative process or survive a court challenge.
To read more on this proposed bill, read Jacksonville representative Proposes Retalitory Estate Tax.
To learn if you may be subject to an estate tax in another state, please consult our Jacksonville Florida estate planning law firm.
