New Jersey's 11th Legislative District

Senator Jennifer Beck

Senator Jennifer Beck

Beck Calls for Compromise on Estate Tax

Please Share:

Bookmark and Share

With legislators discussing reforms to New Jersey’s estate tax, Senator Jennifer Beck (R-Monmouth) suggested a compromise that would bring New Jersey’s estate tax exemption in line with other states.

Sen. Jennifer Beck has suggested compromising on estate tax reform by raising New Jersey’s exemption to $2.5 million, about the average of other state’s exemptions. (NJOLS)

“New Jersey’s current exemption of $675,000 is the lowest of any state with an estate tax,” said Beck. “We can make New Jersey more competitive by increasing our exemption to $2.5 million, about the average of other state’s exemptions.”

Of the 15 states that currently impose an estate tax, the mean exemption is $2.6 million. Beck notes that approximately 87 percent of estate tax returns would fall below the $2.5 million threshold she has proposed, resulting in no tax liability.

“Increasing our exemption to $2.5 million would have the same effect as eliminating the estate tax completely for most people,” added Beck. “Most importantly, this compromise will protect many family farms and small businesses that fall victim to our estate tax as currently structured.”

Please Share:

Similar Posts on SenateNJ.com

Leave a Comment:

Comment Rules: Please remain civil, stay on topic, and refrain from using foul or abusive language. Posts that violate those rules may be hidden or deleted, and repeated violators may be blocked.

District 11 Guide

Jennifer Beck

Jen's Bio & Public Service

Constituent Services

Jen Can Help You!

Contact Jen

Jen Wants to Hear from You!

Directions

Getting to Jen's Office

District 11

About the Legislative District

Email Updates

Sign Up for Jen's Newsletter

Facebook

Follow Jen's Page

Internships

Students - Get Involved

Legislative Activity

Committees, Bills & Votes

Twitter

Tweet @jenbecknj

Jen's Recent Posts

- Proudly Serving Parts of Monmouth County -