Gift Tax Rates 2024. In 2023, the legislature passed a bill reducing the state’s five marginal tax rates. In 2024, it is $18,000 per recipient, an increase from the 2023 limit of $17,000.
As a taxpayer, you usually only pay gift tax on the amounts that exceed the allotted lifetime gift tax exclusion, which was $12.92 million in 2023 and $13.61 million in 2024. Updated per latest union budget 2024 type of gift: