Gov Inslee signs estate tax fix into law

first_imgOLYMPIA — A legislative fix to a court ruling on the estate tax was signed into law by Gov. Jay Inslee early Friday morning, hours before the state was to start issuing millions of dollars in refunds.Inslee signed the bill, joined by Democratic and Republican lawmakers from the House and Senate, shortly after the Senate approved the measure on a 30-19 vote just before midnight Thursday. The Senate vote came after a full day of negotiations following passage by the House Thursday morning.“This is a good step forward in our effort to improve the financing for the education for our children,” Inslee said before signing the bill.Officials with the state Department of Revenue had said the state could have to pay out $160 million over the next two years if the fix isn’t made to the law. The figure includes money lost through refunds and a decline in future collections.Lawmakers scrambled to reach a deal in time to prevent the first $13 million the state agency said it would have to send to 10 estates before a 9 a.m. court hearing on Friday. The measure passed Thursday night was a legislative workaround to last year’s ruling by the state Supreme Court, which determined the estate tax did not apply to married couples who had used a certain type of trust in their estate planning.last_img read more