Bill Text: NY A05230 | 2013-2014 | General Assembly | Amended

New York Assembly Bill 5230 (Prior Session Legislation)

Bill Title: Relates to the unified credit against the estate tax for purposes of a farm operation.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2014-03-04 - print number 5230a [A05230 Detail]

Download: New_York-2013-A05230-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        5230--A
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 21, 2013
                                      ___________
       Introduced  by  M.  of  A. MAGEE, THIELE, BRINDISI, McLAUGHLIN, TEDISCO,
         STIRPE, SIMANOWITZ, OTIS, LAVINE,  ROBERTS,  SANTABARBARA,  SKARTADOS,
         JAFFEE, COOK, FINCH, GUNTHER -- Multi-Sponsored by -- M. of A. ARROYO,
         BARCLAY,  BLANKENBUSH,  CERETTO,  CORWIN,  DiPIETRO,  DUPREY,  FRIEND,
         GIGLIO, GLICK, HAWLEY, MARKEY, McDONALD, McKEVITT, MONTESANO, PALMESA-
         NO, RAIA, WALTER -- read once and referred to the  Committee  on  Ways
         and Means -- recommitted to the Committee on Ways and Means in accord-
         ance  with  Assembly  Rule  3,  sec.  2  -- committee discharged, bill
         amended, ordered reprinted as amended and recommitted to said  commit-
         tee
       AN  ACT  to amend the tax law, in relation to the unified credit against
         the estate tax
         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 one
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08783-04-4
       A. 5230--A                          2
    1  million dollars OR FIVE MILLION DOLLARS FOR A FARM OPERATION, AS DEFINED
    2  IN SECTION THREE HUNDRED ONE OF THE AGRICULTURE AND MARKETS LAW.
    3    S 2. This act shall take effect immediately and shall apply to taxable
    4  years  commencing  on and after the first of January next succeeding the
    5  date on which it shall have become a law.