2005 Vermont Code - § 7442a. — Imposition of a Vermont estate tax and rate of tax

§ 7442a. Imposition of a Vermont estate tax and rate of tax

(a) A tax is hereby imposed on the transfer of the Vermont estate of every decedent dying on or after January 1, 2002, who, at the time of death, was a resident of this state. The amount of this tax shall be a sum equal to the amount by which the credit for state death taxes allowable to a decedent's estate under Section 2011, as in effect on January 1, 2001, of the Internal Revenue Code, hereinafter sometimes referred to as the "credit," exceeds the lesser of:

(1) The total amount of all constitutionally valid state death taxes actually paid to other states; or

(2) A sum equal to the proportion of the credit which the value of the property taxed by other states bears to the value of the decedent's total gross estate for federal estate tax purposes.

(b) A tax is hereby imposed on the transfer of the Vermont estate of every decedent dying on or after January 1, 2002, who, at the time of death, was not a resident of this state. The amount of this tax shall be a sum equal to the proportion of the credit which the value of Vermont real and tangible personal property taxed in this state bears to the value of the decedent's total gross estate for federal estate tax purposes.

(c) All values shall be as finally determined for federal estate tax purposes. (Added 1979, No. 140 (Adj. Sess.), § 1; amended 1995, No. 29, § 11, eff. April 14, 1995; 2001, No. 140 (Adj. Sess.), § 12, eff. June 21, 2002.)