Effective April 1, 2014, as part of the implementation of the 2014-2015 budget, the legislature and Governor Cuomo made significant changes to New York’s estate tax and trust income tax laws. According to Governor Cuomo, a key objective is to provide tax relief to New Yorkers and prevent them from migrating to states with more generous estate tax laws. This Alert provides a summary of key provisions of the new law.
Estate Tax Exclusion Increased -
The most significant change implemented with the new law is the increase in New York’s basic exclusion amount. Prior to the new law, this amount had long been $1 million per decedent. As of April 1, 2014, the amount has more than doubled to $2,062,500 and is scheduled to increase over the next few years so that by January 1, 2019, it will equal the federal exemption amount (projected to be approximately $6 million). The chart below sets forth the scheduled increases...
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