Prepared by Orr & Reno, P.A.,
PO Box 3550, One Eagle Square
Concord, NH 03302-3550
1
ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001
Federal Gift, Estate, Generation-Skipping and Related Tax Provisions
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Applicable
Exclusion
Amount for
Estate Tax
$675,000
$1 million
$1 million
$1.5 million
$1.5 million
$2 million
$2 million
$2 million
$3.5 million
Repealed
GST Tax
Exemption
$1,060,000
$1,060,000
(indexed for
inflation)
$1,060,000
(indexed for
inflation)
$1.5 million
$1.5 million
$2 million
$2 million
$2 million
$3.5 million
Repealed
Top Marginal
Estate and
GST Tax
Rates
55%
50%
(5% surtax
repealed)
49%
48%
47%
46%
45%
45%
45%
Repealed
Applicable
Exclusion
Amount for
Gift Tax
$675,000
$1 million
$1 million
$1 million
$1 million
$1 million
$1 million
$1 million
$1 million
$1 million
Top Marginal
Gift Tax
Rates
55%
50%
49%
48%
47%
46%
45%
45%
45%
Top
individual
income tax
rate
State Death
Tax Credit
§2011
Ranges from
approx. 1%
to 16% of
adjusted
taxable estate
Reduced by
25% from
2001 level
Reduced by
50% from
2001 level
Reduced by
75% from
current level
Replaced
with
deduction
NA
NA
NA
NA
NA
Prepared by Orr & Reno, P.A.,
PO Box 3550, One Eagle Square
Concord, NH 03302-3550
2
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Deduction
for State
Death Taxes
§2058
NA
NA
NA
NA
Amount of
death taxes
“actually
paid to any
State”
Deduction
Deduction
Deduction
Deduction
Federal estate
tax repealed
– no
deduction
Lifetime
Distributions
to Non-
Citizen
Surviving
Spouse from
QDOT if
Deceased
Spouse Died
before 1/1/10
§2056A
Taxable
under current
estate tax
laws
Taxable
under current
estate tax
laws
Taxable
under current
estate tax
laws
Taxable
under current
estate tax
laws
Taxable
under current
estate tax
laws
Taxable
under current
estate tax
laws
Taxable
under current
estate tax
laws
Taxable
under current
estate tax
laws
Taxable
under current
estate tax
laws
All distribu-
tions made
through
December
31, 2020 are
taxable
Distributions
from QDOT
at Death of
Non-Citizen