What is the new inheritance tax in california?
The California Inheritance Tax law enacted in 1893 ended in 1982. Tax on a deceased’s property received by his beneficiaries changed to a death tax. Effective in 1982, the state death tax credit ended in 2004.California Inheritance TaxCalifornia assessed the California Inheritance Tax on the property of decedents who died before June 8, 1982.Death Tax Credit ExpiredOn Dec. 31, 2004, the state death tax expired. With a new state death tax deduction, Californians do not owe death tax.Decedents and EstatesCalifornia requires an Inheritance Tax Declaration, Form IT-22, for resident decedents who left property. Decedents who lived in another place and owned California property also declare. The tax applies to estates in court proceedings.Marital PropertyCalifornians use Form IT-3 to make a Marital Property Declaration on the amount and value for property the spouses own together. Also, the state requires the declaration for a decedent who disposed a part of a spouse’s community property.Tax
