The bill, S-2778, would increase the filing limit for the estate tax to $1 million. Currently, returns for the estate tax must be filed if the estate is in excess of $675,000.
“The estate tax is an attractive revenue source for the class warfare crowd-but it has real consequences for job creators,” Kyrillos began. “This bill is fair to the heirs of small business owners who worked their entire lives to provide for their families. Most small businesses in New Jersey far exceed the common-sense threshold that this bill implements. This legislation is crafted to make New Jersey more competitive, keep the entrepreneurs who create jobs in this state, and stop the drain of taxpayers to other states that offer a better deal.”
The measure is included in Governor Christie’s proposed FY 2012 budget in a package of fiscally responsible job creation measures.
“Small business owners have paid income taxes, sales taxes and property taxes on their businesses for the entire time that the business was operating,” Cardinale continued. “To subject families to the death tax following a lifetime of sacrifice building a better future will hamper the entrepreneurship that is the keystone of private sector job growth. The death tax is one of the many taxes that make our state an unaffordable place to do business. This measure is paid for in the Governor’s budget, and should be considered immediately if the Majority is truly serious about spurring job creation and giving needed relief to businesses.”
The New Jersey estate tax is imposed on the estate of a resident decedent equal to the amount of the credit allowed under federal estate tax law for state inheritances taxes paid based on the terms of the federal estate tax in effect on December 31, 2001.
The measure is included in Governor Christie’s proposed FY 2012 budget in a package of fiscally responsible job creation measures.
“Small business owners have paid income taxes, sales taxes and property taxes on their businesses for the entire time that the business was operating,” Cardinale continued. “To subject families to the death tax following a lifetime of sacrifice building a better future will hamper the entrepreneurship that is the keystone of private sector job growth. The death tax is one of the many taxes that make our state an unaffordable place to do business. This measure is paid for in the Governor’s budget, and should be considered immediately if the Majority is truly serious about spurring job creation and giving needed relief to businesses.”
The New Jersey estate tax is imposed on the estate of a resident decedent equal to the amount of the credit allowed under federal estate tax law for state inheritances taxes paid based on the terms of the federal estate tax in effect on December 31, 2001.
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