TRENTON, N.J. (AP) — New Jersey lawmakers are looking into repealing New Jersey’s inheritance tax and raising the threshold for paying an estate tax.
The state is one of only two that taxes both now, according to The Record.
The inheritance makes those other than the spouse, child, parent or grandparent of the deceased pay when they inherit more than $25,000.
And the estate tax kicks in when a person’s estate is worth more than $675,000 — a threshold 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.
But some caution that changes would reduce the $760 million a year the state now gets from the programs.