On Friday, September 30, 2016, New Jersey lawmakers held a press conference announcing significant changes affecting the New Jersey Estate Tax. The video and transcript of the conference can be accessed by clicking here.
The New Jersey Estate Tax applies to the estates of New Jersey residents and currently has an exemption of only $675,000. Under the proposal, the New Jersey Estate Tax exemption will be increased to $2.0 million per person on January 1, 2017; and effective January 1, 2018, the New Jersey Estate Tax will be eliminated entirely.