New York collects more individual income tax per person than any other state: $2,289 as of 2011. And its gas tax of 49.6 cents per gallon is the second-highest in the U.S. But under its recently enacted budget, some New York residents may pay less in property taxes.
A plan was announced earlier this year to allow 20 hospitals to distribute medical marijuana via executive order, but it’s unclear whether the trial program will lead to a larger plan to tax and regulate the herb.
Note: For people who die on or after April 1, 2014, and before April 1, 2015, the exclusion amount is $2,062,500 and the rate range is 3.06 percent to 16 percent. New York is increasing the estate tax exclusion amount over three years. By April 1, 2017, it will be $5,250,000.