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Article: Beginning of the end for NY's estate tax.
- Article from:
- Real Estate Weekly
- Article date:
- October 7, 1998
CopyrightCOPYRIGHT 1998 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Governor George E. Pataki announced that the first stage in the elimination of New York's estate tax took effect October 1st. This landmark reform will save New Yorkers $400 million when fully effective, and give New York a significant new competitive advantage over many other states
"For too long, New York was one of only a few states in the nation to tax a mother's or father's gifts to their children, imposing its own estate tax on middle class families, and prohibiting family farmers and business owners from leaving their life's work to their children without being burdened by the state tax collector," Pataki said. "Fortunately, those days are coming to an end. ...