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A BILL TO BE ENTITLED
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AN ACT
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relating to the repeal of the inheritance tax. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 211, Tax Code, is repealed. |
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SECTION 2. Section 124.001(3), Estates Code, is amended to |
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read as follows: |
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(3) "Estate tax" means any estate, inheritance, or |
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death tax levied or assessed on the property of a decedent's estate |
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because of the death of a person and imposed by federal, state, |
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local, or foreign law, including the federal estate tax and the |
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inheritance tax imposed by former Chapter 211, Tax Code, and |
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including interest and penalties imposed in addition to those |
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taxes. The term does not include a tax imposed under Section |
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2701(d)(1)(A), Internal Revenue Code of 1986 (26 U.S.C. Section |
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2701(d)). |
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SECTION 3. The changes in law made by this Act do not affect |
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tax liability accruing before the effective date of this Act. That |
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liability continues in effect as if this Act had not been enacted, |
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and the former law is continued in effect for the collection of |
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taxes due and for civil and criminal enforcement of the liability |
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for those taxes. |
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SECTION 4. This Act takes effect September 1, 2015. |