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.
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