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.

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