No state in the nation levies taxes when people die as aggressively as New Jersey. Most states charge nothing. New Jersey is one of only two states with both an estate and an inheritance tax. Of the states with an estate tax, New Jersey exempts the fewest from having to pay. That could change.
State lawmakers are pitching more than a half-dozen proposals to repeal, phase out or exempt more estates from the taxes, and it’s conceivable such a move will be pursued in coming months.
New Jersey currently taxes estates worth more than $675,000, which is the lowest threshold among the states. The federal exemption threshold increased to $5.43 million for 2015.
Asbury Park Press February 11, 2015
