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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).
Estate Tax Reform New York is one of only 17 states to impose an estate or inheritance tax. The estate tax is based on federal law as it existed in 1998, and is badly in need of reform. The federal exemption level is now $5.25 million, while the Stateâs estate tax exemption level is only $1 million.