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NC House committee approves bill ending state 'death' tax

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TWC News: NC House committee approves bill ending state 'death' tax
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RALEIGH -- The House Finance Committee approved a bill Wednesday ending the state's estate tax. State law exempts the first $5.25 million of an inherited estate, just like the federal estate tax, but a decision by Congress last month means heirs could be forced to pay more state taxes.

Republicans say the tax encourages wealthy people to move out of state, but Democrats say it affects less than 1 percent of estates and would cost the state $52 million. Senate leader Phil Berger has indicated he supports repealing the estate tax. ClientIP: UserAgent: CCBot/2.0 ( Profile: TWCSAMLSP