Changes Affecting the Estate Tax
The new law amended the estate tax by providing a credit of up to $99,600, thereby eliminating the tax for estates valued at $2 million or less and reducing the tax for estates valued at more than $2 million, whereas the estate tax previously applied to estates valued at more than $1 million and offered no credit for estates subject to the tax. The estate tax is reported on Form M-706.
For more information about these recent changes to the estate tax, please see DOR’s webpage, FAQs: New Estate Tax Changes.
Changes Affecting the Cider Excise
For tax years beginning on or after January 1, 2023, the maximum alcohol content eligible for the cider tax rate of 3 cents per wine gallon has been changed from 6% alcohol by weight to 8.5% alcohol by volume. The cider excise is reported on Form AB-1.
