Montana Repealing State Inheritance Tax Act, LR-116 (2000)

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The Montana Repealing State Inheritance Tax Act, also known as LR-116, was a legislatively-referred state statute on the November 7, 2000 ballot in Montana, where it was approved.

Election results

Approveda Yes 265,951 67.8%

Official results via: The Montana Secretary of State

Text of measure

The language that appeared on the ballot:

Legislative Statute

This proposal, submitted by the Legislature for a vote, would repeal Montana's inheritance tax. Currently, the inheritance tax is imposed on the transfer of property when a person dies, except that property passed to a surviving spouse, children, step-children and other lineal descendants is exempt. Current law also exempts family-held business property transferred to most relatives of the deceased, as well as property passed to charitable or governmental organizations. The inheritance tax affects an estimated 800-900 estates yearly. If passed, this measure would apply to deaths occurring after December 31, 2000. State and federal estate taxes would not be affected.
Inheritance taxes are due within 18 months of the date of death, so some collections will continue after the effective date. Therefore, state revenue will be reduced by $6.3 million in 2002 and by $12.7 million in 2003. Revenue from inheritance tax has been growing at 6.5% per year.[1]

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