About: Sponge tax

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The sponge tax was a US state-level estate tax linked to the calculation of the federal estate tax. States with this tax collected the amount allowable as a tax credit to the federal estate tax if paid in state estate taxes. In practice, this additional estate tax was levied directly at the state level but generated a tax credit against the federal tax up to a specified amount.

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rdfs:label	Sponge tax (en)
rdfs:comment	The sponge tax was a US state-level estate tax linked to the calculation of the federal estate tax. States with this tax collected the amount allowable as a tax credit to the federal estate tax if paid in state estate taxes. In practice, this additional estate tax was levied directly at the state level but generated a tax credit against the federal tax up to a specified amount. (en)
dcterms:subject	State taxation in the United States Personal taxes
Wikipage page ID	9545984 (xsd:integer)
Wikipage revision ID	987913117 (xsd:integer)
Link from a Wikipage to another Wikipage	Tax credit Estate tax in the United States Federal Taxation Service Federal taxation and spending by state U.S. state Federal Credit Union Act State taxation in the United States Revenue Personal taxes Estate tax (United States)
Link from a Wikipage to an external page	http://www.ftwlaw.com/articles/mass_estate_tax.html http://www.pierceatwood.com/showarticle.asp%3FShow=98 http://www.bizjournals.com/dayton/stories/2000/08/28/focus2.html
sameAs	Sponge tax Sponge tax Sponge tax Sponge tax
dbp:wikiPageUsesTemplate	dbt:Tax-stub
has abstract	The sponge tax was a US state-level estate tax linked to the calculation of the federal estate tax. States with this tax collected the amount allowable as a tax credit to the federal estate tax if paid in state estate taxes. In practice, this additional estate tax was levied directly at the state level but generated a tax credit against the federal tax up to a specified amount. Under a sponge tax regime, the estate will pay no more in total federal and state estate taxes than it would have paid if there were no state estate tax. This meant that estate planning that produced the best federal estate tax result would automatically produce the best state estate tax result. The state estate tax gets its name because the state is "sponging" off the federal tax. The 2001 Federal Tax Act phased out the federal credit, completely eliminating it in 2005. (The federal estate tax law did replace the credit with a much lower deduction for state estate taxes paid.) The effect of the elimination of the federal credit has generally been the creation of state-level estate taxes to replace the lost revenue. (en)
gold:hypernym	Tax
prov:wasDerivedFrom	wikipedia-en:Sponge_tax?oldid=987913117&ns=0
page length (characters) of wiki page	1604 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Sponge_tax
is Link from a Wikipage to another Wikipage of	Ohio estate tax
is foaf:primaryTopic of	wikipedia-en:Sponge_tax

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