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What was the estate tax rate in 2014?

What was the estate tax rate in 2014?

40%
Tax Exemptions and Rates Over the Years

Year Estate Tax Exemption Top Estate Tax Rate
2013 $5,250,000 40%
2014 $5,340,000 40%
2015 $5,430,000 40%
2016 $5,450,000 40%

What is the estate tax rate in NJ?

16%
Estate Tax Rates The New Jersey Estate Tax is calculated on estates which have a taxable estate that exceeds $2 million as determined by the provisions of the Internal Revenue Code in effect on January 1, 2017. The Estate Tax is calculated using a progressive rate schedule with rates ranging from 0% to 16%.

When was NJ estate tax eliminated?

For these estates, the New Jersey Estate Tax no longer conforms to the provisions of the federal Internal Revenue Code of 1986 in effect on December 31, 2001 and instead follows the current federal Internal Revenue Code for determining the value of the estate which will be subject to New Jersey Estate Tax.

What’s the estate tax exemption in New Jersey?

The New Jersey Estate Tax was phased out in two parts. If the resident decedent died: On December 31, 2016, or before, the Estate Tax exemption was capped at $675,000; On or after January 1, 2017, but before January 1, 2018, the Estate Tax exemption was $2 million;

Is there an inheritance tax in New Jersey?

In the case of inheritance taxes, spouses, children, or siblings often have different exemptions, which we list in detail in table 35 in our annual publication, Facts & Figures. Currently, fifteen states and the District of Columbia have an estate tax, and six states have an inheritance tax. Maryland and New Jersey have both.

What does the NJ Division of taxation do?

This Branch administers all phases of New Jersey Inheritance and Estate Taxes: Processes Inheritance and Estate Tax Returns; Processes checks; Audits Inheritance and Estate Tax returns; Conducts protests, appeals, and administrative reviews; Develops tax forms, instructional materials, notices and publications;

How is the death tax calculated in New Jersey?

The calculator performs the circular calculation created by application of the New Jersey portion of the federal State Death Tax Deduction to the taxable estate, in accordance with Section 2058 of the federal Internal Revenue Code. For more information, see Estate Tax – Important Technical Provisions.