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- Inheritance tax rates differ by the state. As of 2021, the six states that charge an inheritance tax are: Iowa (0-15 percent); Kentucky (0-16 percent); Maryland (0-10 percent); Nebraska (1-18 percent); New Jersey (0-16 percent); and Pennsylvania (0-15 percent).
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Jan 17, 2023 · State inheritance tax rates. There is no federal inheritance tax and only six states have a state-level tax: Iowa, Kentucky, Maryland, New Jersey, and Pennsylvania. Below are the ranges of inheritance tax rates for each state in 2023. Note that historical rates and tax laws may differ.
Jun 21, 2022 · Explore 2022 state estate tax rates and state inheritance tax rates. Compare estate tax rates by state and inheritance tax rates by state In addition to the federal estate tax, with a top rate of 40 percent, some states levy an additional estate or inheritance tax.
Jul 7, 2023 · Key findings. A federal estate tax ranging from 18% to 40% applies to all estates worth more than $12.92 million. 17 states and Washington, D.C., have estate or inheritance taxes. Maryland...
Oct 10, 2023 · Estate Tax Exemption Estate Tax Rates Inheritance tax Rates; Connecticut: $12,920,000 : 12%: Hawaii: $5,490,000 : 10.0% - 20.0%: Illinois: $4,000,000 : 0.8% - 16.0%: Iowa: 0-6%: Kentucky: 0-16%: Maine: $6,410,000 : 8.0% - 12.0%: Maryland: $5,000,000 : 0.8% - 16.0%: 0-10%: Massachusetts: $2,000,000 : 0.8% - 16.0%: Minnesota: $3,000,000 : 13.0% ...
Nov 14, 2022 · Only six U.S. states levy an inheritance tax: Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. Six states collect a state inheritance tax as of 2022, and one of them—Maryland—collects an estate tax as well. The chart below shows the 2022 estate taxes for 12 states and the District of Columbia, as well as the exemption amount.
- Julie Garber
Feb 24, 2021 · Massachusetts and Oregon have the lowest exemption levels at $1 million, and Connecticut has the highest exemption level at $7.1 million. Of the six states with inheritance taxes, Nebraska has the highest top rate at 18 percent. Maryland imposes the lowest top rate at 10 percent.
Dec 18, 2023 · As you can see, there are only six states with inheritance taxes. Overall, inheritance tax rates vary based on the beneficiary’s relationship to the deceased person.
