Bill Text: NY A03363 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to raising the amount of the New York state estate tax exemption from one million to five million dollars.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A03363 Detail]

Download: New_York-2013-A03363-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3363
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 25, 2013
                                      ___________
       Introduced by M. of A. TENNEY -- read once and referred to the Committee
         on Ways and Means
       AN  ACT  to  amend the tax law, in relation to raising the amount of the
         New York state estate tax exemption from one million dollars  to  five
         million dollars
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subsection (a) of section 951 of the tax law, as amended by
    2  section 1 of part T of chapter 57 of the laws of  2010,  is  amended  to
    3  read as follows:
    4    (a) Dates. For purposes of this article, any reference to the internal
    5  revenue code means the United States Internal Revenue Code of 1986, with
    6  all amendments enacted on or before July twenty-second, nineteen hundred
    7  ninety-eight,  and, unless specifically provided otherwise in this arti-
    8  cle, any reference to December thirty-first, nineteen  hundred  seventy-
    9  six  or  January  first, nineteen hundred seventy-seven contained in the
   10  provisions of such code which are applicable to the determination of the
   11  tax imposed by this article shall be read as a reference to June thirti-
   12  eth, nineteen hundred seventy-eight  or  July  first,  nineteen  hundred
   13  seventy-eight,  respectively. Notwithstanding the foregoing, the unified
   14  credit against the estate tax provided in section two  thousand  ten  of
   15  the  internal  revenue  code shall, for purposes of this article, be the
   16  amount allowable as if the  federal  applicable  exclusion  amount  were
   17  [one] FIVE million dollars.
   18    S  2.  This  act  shall take effect immediately and shall apply to all
   19  estates submitted to probate after this act shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03167-01-3