August 9, 2015
On April 1, 2015, the basic exclusion amount (i.e., the amount of property that can pass free of New York State estate tax) was increased to $3,125,000 and will be increased incrementally through January 1, 2019, after which the basic exclusion amount will be tied to the federal exemption amount.
The new exclusion amounts are as follows for the following years:
|
Time Period |
New York Basic Exclusion Amount From Estate Tax |
|
April 1, 2015 to |
$3,125,000 |
|
April 1, 2016 to |
$4,187,500 |
|
April 1, 2017 to |
$5,250,000 |
|
After January 1, 2019 |
Same as federal exemption amount (currently $5,430,000, but increases each year for inflation) |
The content of this article is intended to provide a general guide to the subject matter and is not a substitute for legal consultation. Specific legal advice should be sought in accordance with the particular circumstances.