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There is a cliff built into the New York estate tax calculation, which quickly phases out the benefits of the exclusion if the decedent’s New York taxable estate (which previously included certain taxable gifts made within three years of death) is between 100% and 105% of the exclusion amount available on the date of death.
The cliff completely wipes out the benefits of the exclusion if the decedent’s New York taxable estate exceeds 105% of the exclusion amount available on the date of death (the “New York estate tax cliff”).
That provision includes in a New York resident’s taxable estate the amount of any taxable gifts made by a person dying prior to January 1, 2019, reduced by certain carve-outs including for gifts made when a decedent was not a resident of New York, and gifts of real or tangible personal property having an actual situs outside New York state at the time the gift was made.
The Budget Bill, however, applies and now ensnares certain taxable gifts made within three years of death in the case of New York residents dying prior to January 1, 2026.The New York estate tax exclusion amount is indexed for inflation with 2010 as the base year for this purpose.In addition, as previously noted, the law that added certain gifts made by a New York resident within three years of death to the estate for estate tax purposes has been extended through the end of 2025.As a consequence, the increase in the New York estate tax exclusion amount only benefits individuals whose New York taxable estates fall below the New York exclusion amount in effect on the date of death.In addition, as mentioned above the New York estate tax exemption is not portable to spouses for use on the survivor’s New York estate tax return, in sharp contrast to the federal estate tax exemption. A comparison of the “spread” between the federal and New York state estate tax exemptions currently under the 2017 Tax Reform Act and as scheduled to sunset on January 1, 2026, is set forth below.
A dramatic consequence to New Yorkers of the doubling of the federal estate tax exemption under the 2017 Tax Reform Act and the 2019 inflation adjustment is that there is now a $5,660,000 spread between the federal and New York state estate tax exemptions.