NC House panel approves ending "death" tax
RALEIGH, N.C. (AP) - Republicans in the North Carolina House want to repeal a tax on multi-million dollar estates that they say encourages the wealthy to move out of state and hurts family-owned farms.
The House Finance Committee approved a bill Wednesday to end the state's estate tax.
State law exempts the first $5.25 million of the estate of someone who dies, just like the federal estate tax. A decision last month by Congress means estates could be forced to pay additional state taxes unless laws are changed.
Democrats opposing the bill say the current tax affects less than 1 percent of estates. They say the change would cost the state $52 million next year.
Senate leader Phil Berger said this week his idea of fair tax reform would include repealing the estate tax.