Following up on my prior article, New Jersey has proceeded to repeal its estate tax. The legislature approved the repeal on Oct. 7, and Governor Chris Christie signed the act into law on Oct. 14. The new legislation is P.L. 2016, Ch. 57.
Under the new statute, the New Jersey estate tax exemption will be $2 million during the year 2017, and it will be repealed beginning in 2018. The New Jersey inheritance tax, which applies to inheritances received by non-family members, remains in effect.
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