Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
New York to Provide Estate Tax Refund to Surviving Gay Spouses
Author: Scarinci Hollenbeck, LLC
Date: August 5, 2013
Key Contacts
Back
In light of the Supreme Court’s recent Defense of Marriage Act ruling, many states are quickly adjusting their tax law guidelines to comply with the new mandates. New York is one of the states leading the charge, and recently announced that they will provide an estate tax refund to surviving same-sex spouses, in accordance with the law.
Gov. Andrew Cuomo announced that the New York state tax department will begin issuing refund checks to the surviving spouses of gay marriages who had to pay estate taxes on money or property they inherited from partners because federal law did not recognize their marriages. The refunds may go as far back as 2008. Prior to the DOMA ruling, heterosexual spouses were not subject to estate taxes, while same-sex couples often incurred bills amounting to thousands of dollars. The court’s ruling that DOMA is unconstitutional paved the way for all married couples in states that recognize same-sex marriage to be treated equally under the U.S. Tax Code.
New York legalized gay marriage in 2011, and one month after the law was finalized, the state department extended equal rights under the estate tax law to legally married same-sex couples, including to those who married in other states before New York legalized same-sex marriage. However, federal law prevented the state from extending the rights retroactively until the Supreme Court’s recent ruling.
“As a result of [the Supreme Court] decision, New York State is now able to issue refund checks to qualified same-sex spouses who were required to pay taxes for no reason other than their sexual orientation,” Cuomo said in his announcement.
When asked to provide an estimate for how much money would be refunded, Gov. Cuomo was unable to provide an exact figure, but noted that his administration did not believe it would have a detrimental impact on the state’s budget.
- Practices: Tax and Trusts & Estates, Estate & Trust Litigation, Real Property Tax Strategies, Sophisticated Estate Planning & Wealth Preservation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Section 363 Sales in Bankruptcy: What Businesses, Lenders, and Buyers Need to Know
When a company enters Chapter 11 bankruptcy, many assume the process will culminate in a lengthy reorganization plan. However, distressed businesses are increasingly being sold through a different mechanism — a sale under Section 363 of the United States Bankruptcy Code. A Section 363 sale allows a company, as a debtor-in-possession in bankruptcy, to sell […]
Author: John D. Giampolo
Zoning Laws Explained: What You Need to Know Before Buying Property
Before buying property, it is critical to determine whether local zoning laws may affect your plans. If you plan to redevelop the property, you will want to confirm that local zoning regulations permit development as intended. If acquiring property that is already developed, you must verify that the use is permitted in the underlying zoning […]
Author: Wendy Rubinstein Quiroga
Special Needs Trusts in New Jersey: Planning for Your Loved One’s Future
For parents of a child with a disability, estate planning raises concerns that go well beyond deciding who will inherit their assets. Parents may spend years making sure their child has the right care, services, and support. Eventually, they must also confront a difficult question: Who will take over when they can no longer do […]
Author: George McGowan
What Every Real Estate Investor Should Know Before Buying a Rental Property
Before buying a New Jersey rental property, an investor should verify realistic operating numbers, the property’s legal and regulatory status, lead-based paint and flood compliance, the existing leases and tenant protections, and the right ownership structure. A rental property is more than a piece of real estate; it is an operating business subject to legal, […]
Author: Donald M. Pepe
Can You Change an Irrevocable Trust in New Jersey?
In New Jersey, an irrevocable trust can sometimes be modified even though its name suggests otherwise, and one of the primary tools for doing so is a process called decanting. Whether decanting is available depends on the specific terms of the trust and the discretion given to the trustee. Key takeaways: New Jersey has no […]
Author: Marc J. Comer
How Intellectual Property Valuation Will Impact Business Transactions
Intellectual property valuation determines the monetary value of a business’s IP assets, and it drives outcomes in licensing deals, joint ventures, mergers and acquisitions, financing, and ownership disputes. The most valuable assets of a business are often the things that cannot be seen or touched: a proprietary process, a copyrighted work, brand recognition, or the […]
Author: Jay McDaniel
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.