New Jersey’s Assembly Speaker will not support completely eliminating the state’s tax on deceased residents’ estates.
Vincent Prieto said Monday at a Statehouse news conference that New Jersey stands to lose $450 million in revenues if the estate tax is fully phased out, as Republican Gov. Chris Christie and some Democrats in the state Senate have proposed doing.
When pressed, Prieto said he is open to considering raising the threshold for when the tax kicks in.
Currently, New Jersey has the lowest level in the country, at $675,000. Under the state Senate bill, the tax would be phased out over five years.
Monday’s statements were the latest in a debate over the tax that has seen some Senate Democrats and Christie aligning.