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The Vermont Estate Tax System. Vermont recently enacted new legislation that imposes a state estate tax regardless of whether there is a federal estate tax imposed. Under this new system, estates in excess of $2.75 million dollars are subject to tax (it is unclear whether lifetime gifts are included in this threshold).
The federal government does not have an inheritance tax. The eight states that impose an inheritance tax include Indiana, Iowa, Kentucky, Maryland, Nebraska, New Jersey, Pennsylvania and Tennessee. Of course, state laws are subject to change, so if you are receiving an inheritance, check with your state's tax agency.omparison with estate tax. The key difference between estate and inheritance taxes lies in who is responsible for paying it. An estate tax is levied on the total value of a deceased person's money and property and is paid out of the decedentâs assets before any distribution to beneficiaries.