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The Vermont Estate Tax System. Vermont recently enacted new legislation that imposes a state estate tax regardless of whether there is a federal estate tax imposed. Under this new system, estates in excess of $2.75 million dollars are subject to tax (it is unclear whether lifetime gifts are included in this threshold).
Of the five states, three (Connecticut, New Jersey and New York) have state income taxes with more than one tax bracket and two, Massachusetts and Rhode Island have flat taxes. Rates for top income brackets in 2002 range from a low of 4. 5% (Connecticut) to a high of 6. 85% (New York). For the lowest brackets, tax rates run from 1. 4% in New Jersey to 5. 3% in Massachusetts. Rhode Island is the only one of the five that uses federal tax liability as the basis of its tax.