Repealing New Jersey’s Estate and Inheritance Taxes
September 12th, 2014
On Monday, CIANJ president, John Galandak, will be joining other business and civic leaders in Trenton urging the State Legislature and Governor to repeal New Jersey’s estate and inheritance taxes. New Jersey is one of 18 States with an estate tax and one of two States with an inheritance tax (Maryland being the other). Why is this a business issue? When one considers the $675,000 threshold that triggers the tax (lowest in the nation), and when compared to the $5 million federal threshold, it becomes clear that this is a small business and middle class issue. Although New Jersey collects approximately $600 million from these taxes, it loses just as much, if not more, from the additional revenues (sales & income taxes) which are lost when our residents move out of New Jersey.