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NC House gives initial OK to repeal estate tax

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RALEIGH, N.C. (AP) - North Carolina's tax on a dead person's financial assets would be repealed in legislation approved by House members who say the estate tax hurts family-owned farms.

The chamber gave tentative approval Tuesday to legislation ending the estate tax, which this year applies to estates that roughly exceed a little over $5 million. It's higher for couples.

The 83-36 vote followed debate on whether the bill would help farmers trying to keep operations in the family when they die or just extremely wealthy people. General Assembly researchers say about 1 in 500 estates are subject to the tax.

Opponent Rep. Paul Luebke of Durham said the state shouldn't give up the $50 million in revenues the state receives from the tax following recent social service cuts.

A final House vote is expected Wednesday.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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