Summit County Fiscal Office

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Estate Tax

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ATTN: Tax Change -- Ohio Estate Tax is Ending

The Ohio Estate Tax is being repealed effective January 1, 2013. The effect is that there will be no estate tax on estates of individuals who die on or after January 1, 2013. This legislative change occurred with the passage of the 2012-2013 Budget Bill, House Bill 153. The Ohio estate tax is still in effect for decedents with a date of death prior to January 1, 2013 that have a gross estate greater than $338,333.00.

For estates still subject to current law, those with a net taxable value of $338,333 or less are effectively exempt from payment of the tax. A 6 percent tax rate applies to any net taxable value above that mark, up to $500,000. A 7 percent rate applies to any net taxable value over $500,000. Ohio estate returns must be paid 9 months from the date of death, through December 31, 2012.

The tax commissioner no longer requires an Application for Consent to Transfer Property of a Resident (Form ET12) or Nonresident Decedent (Form ET12A) for assets equal to $25,000 or less per account unless a financial institution requires it. Also, tax releases are not required to be obtained for assets passing to a surviving spouse alone, regardless of the dollar amount. The Form ET 13 Application is for Consent to Transfer the Proceeds of Insurance Contracts, Life Insurance, employment related benefits, etc.

ET forms 12 and 14 will become obsolete for dates of death on or after January 1, 2013. A tax release or consent to transfer is not required for individuals with a date of death after Dec. 31, 2012.