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Florida's Estate Tax (FL)
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Prior to January 1, 2005, Florida's estate tax system was commonly referred to as a "pick up" tax. This was because Florida picked up all, or a portion of, the credit for state death taxes allowed on the federal estate tax return (federal Form 706 or 706NA). Under this system, when the estate's gross value was below the minimum federal estate tax filing threshold, estate tax was not due to Florida.
The Economic Growth and Tax Relief Reconciliation Act of 2001 (Pub. L. No. 107-16) ("Tax Act") amended the Internal Revenue Code to provide that an estate cannot claim a credit for state death taxes for decedents who died after December 31, 2004. Since the amount of Florida estate tax is based upon the amount of federal credit allowable for state death taxes, an estate of a decedent who dies after December 31, 2004 will not owe Florida estate tax. The Tax Act does not affect the obligation of a personal representative who files IRS Form 706-A or 706-QDT to report to the Department additional tax due from decedents who died prior to January 1, 2005. Also, the personal representative of an estate may still need to complete certain forms to remove the automatic Florida estate tax lien.
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Added: Tue Jan 01 2002
Last Modified: Mon Jan 09 2012
