The New Jersey Legislature approved a bill that will repeal the New Jersey estate tax. The only thing left is for Governor Christie to sign the bill before the law can be enacted, which rumor has he is promised to do. Starting in 2017, the exemption amount will increase to $2 million with any additional amount being taxed at about 7.2% and up to 16% on estates over $10 million. A full repeal of the estate tax will begin on January 1, 2018.
See Kevin A. Pollock, The NJ Estate Tax is Repealed! Almost., Kevin A. Pollock BLAWG, October 7, 2016.
