Oklahoma Estate Tax Repeal!
At the end of the 2006 Oklahoma legislative session, the Legislators passed a repeal of the Oklahoma Estate Tax. The legislation increased the Oklahoma estate tax exemption to One Million Dollars ($1,000,000) for individuals dying in 2006 and 2007. In 2008, the estate tax exemption increased to Two Million Dollars ($2,000,000). In 2009, the estate tax exemption went up to Three Million Dollars ($3,000,000). For the estates of all individuals dying on January 1, 2010 or after, there will be no Oklahoma estate tax!
Oklahoma Estate Tax Rates and Exemptions
| Oklahoma Estate Tax Rates | |||
| Column A | Column B | Column C | Column D |
| Taxable Amount Over | Taxable Amount Not Over | Taxable On Amount in Column A | Rate of Tax On Excess Over Amount in Column A |
| $0 | $10,000 | $0 | 0.5% |
| $10,000 | $20,000 | $50 | 1.0% |
| $20,000 | $40,000 | $150 | 1.5% |
| $40,000 | $60,000 | $450 | 2.0% |
| $60,000 | $100,000 | $850 | 2.5% |
| $100,000 | $250,000 | $1,850 | 3.0% |
| $250,000 | $500,000 | $6,350 | 6.5% |
| $500,000 | $750,000 | $22,600 | 7.0% |
| $750,000 | $1,000,000 | $40,100 | 7.5% |
| $1,000,000 | $3,000,000 | $58,850 | 8.0% |
| $3,000,000 | $5,000,000 | $218,850 | 8.5% |
| $5,000,000 | $10,000,000 | $388,850 | 9.0% |
| $10,000,000 | & Up | $838,850 | 10.0% |
| Oklahoma Tax Rates and Exemptions | |||
| For all estates left to the decedent's parents
or descendents, the exemptions are as follows: |
|||
| Year of Death | Top Estate Tax Rate | Equivalent Exemption | |
| 2004 | 10% | $850,000 | |
| 2005 | 10% | $950,000 | |
| 2006-2007 | 10% | $1,000,000 | |
| 2008 | 10% | $2,000,000 | |
| 2009 | 10% | $3,000,000 | |
| 2010 | 10% | REPEALED | |