January 21, 2003
Posted at: 8:45 p.m. CDT
LITTLE ROCK, Ark. -- Legislation to repeal the state estate tax was introduced today.
The bill from Senator Denny Altes of Fort Smith would eliminate the so-called death tax on January 1, 2004.
The state fiscal office estimated the state would collect about $14 million in fiscal year 2004, nearly $8 million the next year and just over $1.5 million in 2006.
The diminishing returns will result from a phase out of the federal estate tax, of which the state receives a percentage.