Republican Lawmakers Propose Ending Delaware's Estate Tax - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Republican Lawmakers Propose Ending Delaware's Estate Tax

Posted: Updated:

DOVER, Del. -- A proposed law in Delaware's General Assembly would end a tax on estates worth $5.43 million or more at the end of 2016, though it faces opposition in a year when lawmakers are trying to navigate major fiscal issues.

House Bill 16 would add a sunset provision to Delaware's estate tax, which only applies to large estates. The federal estate tax threshold is $5.49 million in 2017.

Senate Minority Leader Gary Simpson (R-Milford) said the estate tax acts as a deterrent to businesses, farmers, or retirees to either stay in Delaware or move to the state.

"If we've got a tax policy or various tax policies that discourage people from moving here, then we should do everything we can to get rid of it," he said.

However, the bill does have some push back during a year when lawmakers will be trying to balance a budget with little fiscal wiggle room.

Rep. Trey Paradee (D-Kent County) said the estate tax affects a small number of Delawareans and that the revenue is too valuable in a year when the state is already in a cash-strapped situation. It's estimated that the tax will bring in about $5 million for the state's general fund in the current budget year.

"I don't think it's too much to ask the upper three tenths of one percent to pay a little extra and leave behind a little legacy when they pass away," he said.

Paradee said stories of farmers' surviving families having to sell their land and operations ahead to pay for the estate tax are myths, though John Foltz, a farmer in Kent County who said his family would be affected, said he is worried about the long-term future of the properties.

"It really ticks me off," he said. "It's an invasion of the government and to your private life."

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Delaware Center for the Inland Bays Seeks Public Input

    Delaware Center for the Inland Bays Seeks Public Input

    Feb 23, 2018 3:06 AM2018-02-23 08:06:00 GMT
    Friday, February 23 2018 3:06 AM EST2018-02-23 08:06:35 GMT
    REHOBOTH BEACH, Del - The Delaware Center for the Inland Bays needs your help to update a comprehensive plan for managing the Inland Bays. The center has released a brief survey to address the community’s concerns relating to the health of the RehobMore
    REHOBOTH BEACH, Del - The Delaware Center for the Inland Bays needs your help to update a comprehensive plan for managing the Inland Bays. The center has released a brief survey to address the community’s concerns relating to the health of the RehobMore
  • Milford Man Arrested for Stealing Money from his Employers

    Milford Man Arrested for Stealing Money from his Employers

    Feb 23, 2018 12:12 AM2018-02-23 05:12:00 GMT
    Friday, February 23 2018 12:14 AM EST2018-02-23 05:14:14 GMT
    Courtesy of the Milford Police Department Courtesy of the Milford Police Department
    Courtesy of the Milford Police DepartmentCourtesy of the Milford Police Department
    The Milford Police Department said they arrested a man on theft charges after they learned he had been writing checks out to himself from his employers.More
    The Milford Police Department said they arrested a man on theft charges after they learned he had been writing checks out to himself from his employers. More
  • Proposed Regulation Allowing Guns in Delaware State Parks Awaits Hearing in March

    Proposed Regulation Allowing Guns in Delaware State Parks Awaits Hearing in March

    Feb 22, 2018 10:41 PM2018-02-23 03:41:00 GMT
    Thursday, February 22 2018 10:41 PM EST2018-02-23 03:41:39 GMT
    An outline of Killens Pond state park's restricted areas.An outline of Killens Pond state park's restricted areas.
    An outline of Killens Pond state park's restricted areas.An outline of Killens Pond state park's restricted areas.
    GEORGETOWN, Del. - Delaware officials held a public meeting on Thursday night to answer the community's questions about the proposed regulation allowing guns into Delaware State Parks. The Delaware Supreme Court ruled the previous ban on firearms inside sMore
    Delaware officials held a public meeting on Thursday night to answer the community's questions about the proposed regulation allowing guns into Delaware State Parks. More
  • Most Popular StoriesMost Popular StoriesMore>>

  • Milford Man Arrested for Stealing Money from his Employers

    Milford Man Arrested for Stealing Money from his Employers

    Feb 23, 2018 12:12 AM2018-02-23 05:12:00 GMT
    Friday, February 23 2018 12:14 AM EST2018-02-23 05:14:14 GMT
    Courtesy of the Milford Police Department Courtesy of the Milford Police Department
    Courtesy of the Milford Police DepartmentCourtesy of the Milford Police Department
    The Milford Police Department said they arrested a man on theft charges after they learned he had been writing checks out to himself from his employers.More
    The Milford Police Department said they arrested a man on theft charges after they learned he had been writing checks out to himself from his employers. More
  • Dover Police: 7, Including 4 Gang Members, Arrested in Drug and Firearm Investigation

    Police Arrest Seven, Including Gang Members, in Drug and Firearm Investigation

    Feb 22, 2018 1:52 PM2018-02-22 18:52:00 GMT
    Thursday, February 22 2018 2:49 PM EST2018-02-22 19:49:46 GMT
    Jaymere Lewis, Jaleel Wayman, Michael Taylor; Photo Credit: Dover PoliceJaymere Lewis, Jaleel Wayman, Michael Taylor; Photo Credit: Dover Police
    Jaymere Lewis, Jaleel Wayman, Michael Taylor; Photo Credit: Dover PoliceJaymere Lewis, Jaleel Wayman, Michael Taylor; Photo Credit: Dover Police
    Dover police say seven people are in custody - including four gang members - after a drug and firearm investigation.More
    Dover police say seven people are in custody - including four gang members - after a drug and firearm investigation.More
  • DelDOT Has Long-Term Plans for Cashless Tolls

    DelDOT Has Long-Term Plans for Cashless Tolls

    Feb 21, 2018 6:49 PM2018-02-21 23:49:00 GMT
    Wednesday, February 21 2018 6:56 PM EST2018-02-21 23:56:11 GMT
    DOVER, Del. --- Drivers may one day be able to leave their cash and coins for tolls in Delaware at home because DelDOT plans to exclusively use electronic tolling in several years. C.R. McLeod, a DelDOT spokesman, said a pilot program on the new U.S. RoutMore
    DOVER, Del. --- Drivers may one day be able to leave their cash and coins for tolls in Delaware at home because DelDOT plans to exclusively use electronic tolling in several years. C.R. McLeod, a DelDOT spokesman, said a pilot program on the new U.S. RoutMore
  • Most Popular VideosMost Popular VideosMore>>

  • Invasive Spotted Lanternfly Headed Toward Maryland

    Invasive Spotted Lanternfly Headed Toward Maryland

    Farmers like Jennie Schmidt of Queen Anne's County know all too well how hard it is to grow grapes. And now Mother Nature, in the shape of a quarter-sized, red and black polka-dotted bug, is about to make Schmidt's job even more challenging. The spotted lanternfly, already pestering nearby states like Pennsylvania and Virginia, is on its way to Maryland.

    More

    Farmers like Jennie Schmidt of Queen Anne's County know all too well how hard it is to grow grapes. And now Mother Nature, in the shape of a quarter-sized, red and black polka-dotted bug, is about to make Schmidt's job even more challenging. The spotted lanternfly, already pestering nearby states like Pennsylvania and Virginia, is on its way to Maryland.

    More
  • Cruisin OC Heads back to Ocean City

    Cruisin OC Heads back to Ocean City

    It's official, Cruisin OC will be rolling through Ocean City once again in the Spring. Earlier this week, the council approved dates for the car show.
    Some locals say they're dreading for when those dates arrive. George Balunis, an Ocean City resident, says when the car events come into town, he stays inside.
    More
    It's official, Cruisin OC will be rolling through Ocean City once again in the Spring. Earlier this week, the council approved dates for the car show.
    Some locals say they're dreading for when those dates arrive. George Balunis, an Ocean City resident, says when the car events come into town, he stays inside.
    More
  • Medicare Fraud Lawsuit Names Private Ambulance Company & PRMC

    Medicare Fraud Lawsuit Names Private Ambulance Company & PRMC

    Federal authorities are investigating claims a private ambulance company committed Medicare fraud with the participation of Peninsula Regional Medical Center.

    A lawsuit filed in federal court outlines an alleged scheme to rake in tens of millions of dollars by over-billing Medicare on tens of thousands of non-emergency trips.

    More

    Federal authorities are investigating claims a private ambulance company committed Medicare fraud with the participation of Peninsula Regional Medical Center.

    A lawsuit filed in federal court outlines an alleged scheme to rake in tens of millions of dollars by over-billing Medicare on tens of thousands of non-emergency trips.

    More
Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices