Tag: The American Taxpayer Relief Act of 2012

Estate Tax Changes Under New York’s 2014 Budget Bill

Monday, April 14, 2014

On March 31, 2014 Governor Cuomo signed into law the 2014-2015 Budget, bringing extensive revisions to the outdated New York law relating to the taxation of estates. Under the new laws, fewer New Yorkers will be subject to estate taxation at death. The American Taxpayer Relief Act of 2012 (ATRA), signed by President Obama on January 2, 2013, made permanent a higher federal exclusion of $5,000,000 indexed for inflation. The revised New York estate tax laws are designed to bring the state’s exclusion to the federal level over the next four years. Read More