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LRO presents IRS migration and federal gift‑tax primer in estate‑tax briefing
Summary
Legislative Revenue Office provided the committee with IRS migration data by age and AGI and a brief primer on the federal gift tax and basis rules to inform estate‑tax discussions. The data show historical net in‑migration trends that flattened or reversed in recent years and examples for 65+ taxpayers.
The House Committee on Revenue received an update from the Legislative Revenue Office with IRS‑sourced migration data and a short primer on the federal gift tax to support ongoing estate‑tax discussions.
John Hart of the Legislative Revenue Office said the office posted a handout in OLISS covering federal gift‑tax mechanics and migration data by age and adjusted gross income. Hart summarized federal rules: the federal gift and estate tax are unified, there is an annual gift exclusion (stated in committee materials…
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