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Will the New Jersey Estate Tax Repeal Become Permanent?

NJ Estate Tax Repeal

New Jersey Estate Tax

As most of my estate planning clients are aware, I have been very cautious regarding whether or not New Jersey will keep a $2,000,000 estate tax exemption beyond 2017 or allow for a full repeal. However, it is worth noting that the front-runner for Governor, Phil Murphy, released part of his tax and spending plan today.  See this article on NJ.com: http://www.nj.com/politics/index.ssf/2017/08/murphy_tax_plan_would_raise_13_billion_heres_whod.html

As part of the plan, he stated that he has NO intentions of re-introducing the estate tax.  Accordingly, there is probably a good chance that the repeal of the New Jersey Estate Tax does become permanent.  Only time will tell though.

2 thoughts on “Will the New Jersey Estate Tax Repeal Become Permanent?

  1. HI Kevin.

    Thanks for the update re : estate taxes.

    If the full repeal of the estate tax takes effect starting in 2018, is it likely that New Jersey will also eliminate the need to file any estate tax return even for "informational" purposes ?

    Thanks.
    Marc

  2. Dear Marc,

    That is a tricky question because NJ is keeping its inheritance tax. I would think that there would be the need for some sort of estate filing if, for no other reason, than to confirm that the inheritance tax does not apply.

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