If Governor Cuomo’s proposals are enacted, New Yorkers and non-residents with property located in New York may be facing new taxes this April Fools’ Day.
- New York Estate Tax First, the good news — under the proposal:
- 1. Over the course of the next four years, the New York estate tax exemption would increase from $1 million to $5.25 million (indexed for inflation thereafter).
- 2. The top New York estate tax rate would decrease from 16 percent to 10 percent for decedents dying after March 31, 2017.
- 3. The New York generation-skipping transfer tax (GST) would be repealed allowing for multi-genera- tional tax savings.
Please see full Alert below for more information.
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