TRENTON, N.J. (CBSNewYork/AP) — Lawmakers in New Jersey are considering a repeal of the state’s inheritance tax as well as raising the threshold for paying an estate tax.
Currently, the state’s inheritance tax requires anyone other than a spouse, child, parent or grandparent of the deceased who inherits more than $25,000 to pay taxes on the sum.
The estate tax goes into effect when a person’s estate is worth more than $675,000 — a threshold that is met by many homeowners, even those without much wealth.
Gov. Chris Christie has indicated that he wants to see the system changed and lawmakers are increasingly talking about the idea.
Some, however, caution that changes would reduce the $760 million a year the state rakes in from the programs.
Check Out These Other Stories From CBSNewYork.com:
- Woman Hit, Killed By Auto Transport Truck In Brooklyn
- Police: Man Entered Home, Got Naked, Jumped Into Bed With Woman In Westbury, L.I.
- Search On For Man Who Killed Red Fox With Crossbow At Robert Moses State Park
- ‘It’s Very Scary,’ Women Held At Gunpoint, Robbed Inside Valley Stream Home
(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)