New NY budget eases ‘death tax,’ raises minimum taxable inheritance amount

The state has made adjustments to the so-called "death tax." Up until now, anyone inheriting an estate valued at $1 million had to pay at

The new state budget doubles the amount a

The new state budget doubles the amount a person can inherit before they have to pay taxes. (Credit: News 12 Long Island)

WOODBURY - The state has made adjustments to the so-called "death tax."

Up until now, anyone inheriting an estate valued at $1 million had to pay at least 10 percent of the total value in taxes.

The new state budget doubles the amount a person can inherit before they have to pay taxes to $2 million.

Next year, estates valued at $3 million will be taxed. The limit bumps to $4 million in 2016 and then up to $ 5 million by 2017.

advertisement | advertise on News 12

Top 5 Must See

The number of people living in poverty on 1 LIA study: LI poverty on the rise
News 12's Lily Stolzberg visited the Walt Whitman 2 On the Spot: Women's History
United Airlines launched a controversy over the weekend 3 United Airlines faces turbulence over leggings ban
Troy Ramey of Sea Cliff competes on NBC's 4 Long Islander competes on 'The Voice'
The suspects describe themselves as part of the 5 3 men accused of spraying graffiti in 6 communities

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE