New Jersey Bill Introduced To Increase The New Jersey Estate Tax Exemption To $1 Million

more+
less-

In January, a bill was introduced in the New Jersey Legislature to increase the New Jersey estate tax exemption from $675,000 to $1 million.  The reasoning advanced by the sponsoring senators to increase the exemption is that the $675,000 threshold is “archaically” low, and is forcing small businesses and their owners to shut down and leave the state. 

The exemption amount sets the threshold amount of assets that can pass New Jersey estate tax free to someone other than a surviving spouse.  Under current law, assets in excess of $675,000 passing to someone other than a surviving spouse will trigger a New Jersey estate tax.  A New Jersey taxpayer who owns $1 million of assets at death and bequeaths them to a child would incur a $33,200 New Jersey estate tax under current law.  Under the proposed bill, this situation would produce no New Jersey estate tax.

The threshold for filing a New Jersey estate tax return also would be increased to $1 million under the proposed bill.  

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

more+
less-

Cole Schotz on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×