Weather Alert  

WINTER STORM WATCH IN EFFECT FROM FRIDAY EVENING THROUGH SATURDAY EVENING * WHAT...Heavy snow possible. Total snow accumulations of 6 to 12 inches possible. Winds could gust as high as 45 mph. * WHERE...Portions of northeast New Jersey, southern Connecticut and southeast New York. * WHEN...From Friday evening through Saturday evening. * IMPACTS...Travel could be very difficult. Gusty winds could bring down tree branches. * ADDITIONAL DETAILS...There continues to be greater than usual forecast uncertainty with the track of this storm, and the axis of heaviest snowfall may shift in subsequent forecast updates.

Senator Ken LaValle Announces Estate Tax Relief For Long Islanders

Estate taxes will be reduced under the new State Budget, according to Senator Ken LaValle.

Print Email

New York, NY - April 10, 2014 - Estate taxes will be reduced under the new State Budget, according to Senator Ken LaValle.  The estate tax threshold will be increased in annual increments over the next 3 years to $5.25 million, equaling the current federal estate tax threshold.

Senator LaValle said, “I am pleased we were able to make this happen in this budget and moving forward. These substantial increases in the threshold will help Long Island families to pay less in taxes and preserve more family property for future generations.”

Up until the State Budget was passed this past week, the exemption threshold in New York State was $1 Million.  Now, it will immediately be raised to slightly over $2 Million this year, and increased every subsequent year until it reaches the federal threshold of $5.25 Million in 2017.  The State Legislators and the Governor indexed the threshold to keep pace with cost-of-living adjustment from 2019 onward.  The action is estimated to affect 4000 estates and 2800 farms.

The estate tax threshold will be raised according to the following chart:

NY State Estate Tax Threshold




 Threshold Amount

April 1, 2014


April 1, 2015


April 1, 2016


April 1, 2017




Thereafter: Indexed for inflation