Alexandria, VA – Yesterday, the New York legislature passed its annual budget, increasing the state’s death tax exemption to match the federal exemption over five years. New York is the second state this year to increase their exemption to match the federal estate tax.

Jim Martin, Chairman of the 60 Plus Association, said, “Seeing states like New York and Maryland, states with overwhelming Democrat majorities in the legislature and Democratic Governors, begin to change their death taxes should show the public that death tax repeal is a bi-partisan issue. Democrats are putting aside partisanship and acting quickly to make sure retirees and jobs don’t leave their states.

“Since 2010 four states have passed legislation to repeal their death tax, and five states have increased their exemptions to protect more citizens from this tax.  Today 19 states still impose death taxes, but we are working in those states to fully repeal the taxes.  Increasing the exemption is a good first step towards full repeal of the New York death tax which should be the only permanent solution to preserve New York family businesses and farms.

“The 60 Plus Association led the Family Business Coalition and over 25 industry organizations in supporting Governor Cuomo’s plan to lessen the burden of the New York state death tax. I have been an opponent of all death taxes for more than 20 years; this encouraging progress spurs me on to drive a stake through the heart of every state death tax and the federal death tax once and for all.”

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