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Montana Repealing State Inheritance Tax Act, LR-116 (2000)
From Ballotpedia
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
| LR-116 | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
 Yes | 265,951 | 67.8% | ||
| No | 126,274 | 32.2% | ||
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]
See also
External links
- Montana 2000 Election Results - The Montana Secretary of State
- Montana 2000 Voter Information Pamphlet
Reference
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