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The Mandelbaum Salsburg Tax Group is advising their clients that on October 7, 2016 the New Jersey Senate and Assembly passed a sweeping tax bill which included an increase in the New Jersey Estate Tax exemption amount to $2 Million, effective as of January 1, 2017, followed by a total repeal of the New Jersey estate tax, effective as of January 1, 2018.  The New Jersey Inheritance Tax remains unchanged.

It is anticipated that Governor Christie will sign this bill into law within the next few weeks.  Stay tuned for our analysis of the estate tax changes and thoughts on what this may mean for New Jersey residents.

If you have any questions about this tax change or any other tax matter, please do not hesitate to contact me at cgocel@lawfirm.ms or call me at 973.736.4600.

You can read more about our Tax Group and our tax attorneys at MANDELBAUM TAX LAW GROUP