WASHINGTON, D.C. – (RealEstateRama) — Assemblyman Dave Rible, the Republican conference leader, plans to introduce a constitutional amendment Thursday prohibiting a repeal of the estate-tax cut after it is fully phased-out on Jan. 1, 2018.
“This will show taxpayers we are serious about rolling back the estate tax and prevent a future legislature from reinstituting it,” said Rible (R-Monmouth). “This tax has been destructive to small businesses, forcing many to shut down and leave the state. That’s why economists have cited it as a major factor in the state’s last place economic climate.”
As part of a bipartisan agreement signed by Gov. Chris Christie earlier this month, New Jersey’s estate tax would be phased out over the next two years by changing the threshold from $675,000 to $2 million in 2017 and eliminating the tax completely in 2018.