Governor Cuomo Proposes Extending New York Estate Tax Clawback on Gifts Made Within Three Years of Death

After the Tax Cuts and Jobs Act of 2017 (the “2017 Act”), wealthy taxpayers have the opportunity to “lock in” the temporary increase in the federal estate and gift tax exemption by making large lifetime gifts.  Governor Cuomo’s Fiscal Year 2020 Executive Budget proposes extending a law that could subject such gifts to New York estate tax.

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