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ERP | N.J. Estate Tax Repeal
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Martin M. Shenkman, JD, CPA, AEP, PFS
The New Jersey estate tax exemption for 2016 stood at $675,000, and it increased to $2 million in 2017. Both exemption amounts are well below the New York exemption (leaving aside the “cliff” issue in New York). But thanks to a deal reached on September 30, 2016 between the Governor and key legislative leaders regarding funding for the Transportation Trust Fund, the New Jersey estate tax will be fully repealed in 2018. This might have significant ramifications for tax advisors in New York; for the first time, New Jersey might become a tax haven for New Yorkers looking to avoid the New York estate tax. Maybe—for certain individuals.
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