On April 1, 2014, New York State enacted a new budget (the “Budget Legislation”), which includes legislation that makes significant changes to New York tax law. Included in the Budget Legislation are reforms that will more closely align New York’s estate tax exclusion with the federal exclusion, include some lifetime gifts in the taxable estates of New York decedents and subject the income of certain trusts to New York tax for the first time.View memo, New York Adopts Major Changes to Estate and Trust Taxation
