Form, Tax Year, Description, Electronic Options. North Carolina does not levy an estate tax.However, your estate may still be subject to the federal estate tax if the value is high enough. The estate tax in North Carolina exemption is the amount a deceased individual can pass to beneficiaries and heirs free of estate taxes. Learn about estates, how to file an estate, and the administrative process. How to fill out the North Carolina Estate Tax Return Instructions? The income of an estate or trust is taxed to the fiduciary or beneficiary ( Sec.