New York's infamous "death tax," a long-standing tax-cut priority of The Business Council, expired this month.
In fact, thanks to legislation effective February 1, New York's estate taxes are now as low as any other state's-and less costly than those in states such as Connecticut, New Jersey, Ohio and North Carolina.
All 50 states impose a death tax at least equal to the amount that can be taken as a credit against federal estate taxes.
For several decades, New York State's estate tax was significantly higher than the federal credit amount. At Governor Pataki's urging, the Legislature acted in 1997 to eliminate New York's "extra" estate tax.
The repeal took full effect this month.
That change was first proposed in a 1992 report by The Public Policy Institute-the research affiliate of The Business Council-called The Hidden Heir.
"These tax cuts will allow more New Yorkers to keep their money within their family," Governor Pataki said.
"New Yorkers will no longer have to flee the state in their golden years to preserve their legacies for their children and grandchildren."
"The cost of dying in New York has at last gone down," said Business Council President Daniel B. Walsh.
"After years of effort, family businesses and investors now see New York as a much better place to keep and create jobs."
Click here for the Governor's release on the expiration of the death tax.