- June 17, 2014
- All New York State Agents, Office Counsel, and Managers
- New Estate Tax Levels
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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- Bulletins Replaced:
- Related Bulletins:
- NY000522 Summary of Federal Estate Tax Exclusions and Maximum Rates
- Underwriting Manual:
- Exceptions Manual: