Will New York Soon Have a Gift Tax?

Governor Cuomo’s recent budget proposal for New York incorporated some tax proposals made by two separate blue-ribbon panel.

A recent post by John D. Dadakis (a Partner at Holland & Knight in New York), explores the Governor’s proposal.

New York Gift Tax Changes Imminent? | Estate Planning content from WealthManagement.com

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It seems reasonable to think that Governor Cuomo would not have made any proposals in his budget which he didn’t think that a reasonable chance of becoming legislation. Time will tell, but not too much time since New York’s budget is due April 1, 2014. New York has had 3 years running of on-time budgets; expect the trend to continue.

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States update their April filing deadline

April 18

New York state has announced that is respecting the federal extension return, extension and estimated filing from April 15 to April 18. While there is no legal or statutory reason for the delay, it is administratively considerate for the state to match its filing deadline with the federal government.

See NYS press release here.

[Update] California will accept returns filed on April 18 as timely filed. See article here.

[Update] New Jersey announced the filing date change in December (!).

[Update] Connecticut also will follow the April 18 date.

[Update] Massachusetts will accept returns through April 19; from their website:

In Massachusetts, April 18, 2011 is Patriot’s Day, a legal holiday in the Commonwealth. Massachusetts returns and payments normally due on April 15 will be treated as timely filed if they are filed on or before April 19, 2011.