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News | 01.09.14

CLIENT ALERT - New York’s Governor Proposes Estate Tax Reductions

In his State of the State address yesterday, Governor Cuomo noted that New York is one of only 15 states that still have an estate tax, with exemption levels among the lowest and tax rates among the highest.  The Governor recommended reform of what he called a “move-to-die tax”.  According to a press release issued by the Governor on Monday, the details of his proposed tax reform include increasing the estate tax threshold to $5.25 million and reducing the top tax rate to 10%, to bring New York in line with national trends. To read more about the proposed estate tax reforms, please click here.

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