The New York State Legislature is considering some significant proposed changes to the New York estate tax law, the tax treatment of gifts by New York residents, and New York income taxation of certain trusts. Some important provisions are highlighted below. All of these proposals are subject to further review and may change before the enactment of final legislation, but some provisions, if enacted, will apply as of April 1 of this year.
Provisions of interest to all New Yorkers -
1) Changes to NY Estate Tax Exemption Amount & NY Estate Tax Rate -
If enacted, the proposed law would make significant changes to the New York estate tax law.
The New York estate tax exemption amount (i.e., the amount an individual can pass free of New York estate tax) would gradually increase from the current exemption amount of $1 million to $5.25 million over the next few years, with indexing for inflation after January 1, 2019.
Please see full publication below for more information.