Inheritance Tax At The State Level
Many U.S. states also impose their own estate or inheritance taxes (see Ohio estate tax for an example), and some, such as Kentucky, impose both. Some states "piggyback" on the federal estate tax law in regard to estates subject to tax (i.e., if the estate is exempt from federal taxation it is also exempt from state taxation, e.g. Pennsylvania, 72 P.S. Section 9111(r). Some states' estate taxes, however, operate independently of federal law, so it is possible for an estate to be subject to state tax while exempt from federal tax. In Kentucky, the inheritance tax operates separately from either the state or federal estate tax; the inheritance tax is imposed on beneficiaries and based on the amount received from the estate, with some close relatives exempt from this tax by statute.
Read more about this topic: Estate Tax In The United States
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