Reduction of Credit for State Death Taxes
For estates of decedents dying in 2004, the credit allowed for state death
taxes will be limited to 25% of the amount that would otherwise be allowed.
For estates of decedents dying after 2004, the state death tax credit will
be replaced with a deduction for state death taxes.
Repeal of Qualified Family-Owned Business Interest Deduction
The qualified family-owned business interest (QFOBI) deduction has been
repealed for the estates of decedents dying after December 31, 2003.