DOVER, Del. — House lawmakers have approved a bill to eliminate Delaware’s estate tax.

Lawmakers voted 24-to-16 Thursday for the measure, which repeals the tax levied on a person’s property and other assets when he or she dies.

If the bill is approved by the Senate and signed into law, the estate tax would no longer exist for people who die after Dec. 31 of this year.

Analysts expect the state to lose about $3.7 million in fiscal 2019 and $5 million the following year if the tax is repealed.

But chief bill sponsor Rep. Mike Ramone, a Newark Republican, said the tax actually costs the state money because it has prompted wealthy individuals to move out of state, resulting in a loss of personal income tax revenue they would otherwise have paid.