Monday, June 23, 2014

NEW ESTATE TAX LEVELS

From an email from Title Guarantee:

"On March 31, 2014, Governor Andrew Cuomo signed legislation that changed the New York estate tax law. As of April 1, 2014 the estate tax exemption amount increased from $1,000,000 to $2,062,500 for persons dying on or after April 1, 2014.

The revised New York estate tax exemption schedule is as follows:

For individuals dying on or after April 1, 2014 and before April 1, 2015, the exemption amount will be $2,062,500.

For individuals dying on or after April 1, 2015 and before April 1, 2016, the exemption amount will be $3,125,000.

For individuals dying on or after April 1, 2016 and before April 1, 2017, the exemption amount will be $4,187,500.

For individuals dying on or after April 1, 2017 and before January 1, 2019, the exemption amount will be $5,250,000.

For decedents who die on or after January 1, 2019, the basic exemption amount will be subject to a cost of living adjustment. It is expected that by 2019 the New York estate tax exemption will be equal to the Federal estate tax exemption."


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