2016

New Jersey Estate Tax-Soon to be a Thing of the Past

For years New Jersey has been an unfriendly place to die, given the fact that it imposes both a Transfer Inheritance Tax and an Estate Tax, or both, on some estates. New Jersey’s Estate Tax is currently imposed upon all estates exceeding $675,000. However, on October 14, 2016 Governor Christie signed a new law that increases the Estate Tax threshold from $675,000 to $2,000,000 starting January 1, 2017. One year later as of January 1, 2018, the New Jersey Estate Tax will be repealed completely. This should be a welcome relief and give New Jersey residents less of a reason to leave the Garden State to seek domiciles in other states.

Permit Extension Act Extended Once Again

Governor Christie's approval of an extension to the Permit Extension Act means many land use approvals in Cape May, Atlantic, Ocean and Monmouth Counties will be extended for another year.