Bill Text: NY A09757 | 2013-2014 | General Assembly | Introduced
Bill Title: Makes a technical correction relating to exercise of power of appointment and an authorized trustee's authority to invade trust principal.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2014-07-22 - signed chap.130 [A09757 Detail]
Download: New_York-2013-A09757-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
9757
I N A S S E M B L Y
May 20, 2014
___________
Introduced by M. of A. BRAUNSTEIN, WEINSTEIN -- (at request of the
Office of Court Administration) -- read once and referred to the
Committee on Judiciary
AN ACT to amend the estates, powers and trusts law, in relation to the
exercise of a power of appointment and an authorized trustee's author-
ity to invade trust principal
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subparagraph 10 of paragraph (s) of section 10-6.6 of the
2 estates, powers and trusts law, as added by chapter 482 of the laws of
3 2013, is amended to read as follows:
4 (10) The creator shall not be considered to be a beneficiary of an
5 invaded or appointed trust by reason of the trustee's authority to pay
6 trust principal to the creator pursuant to section [7-1.1] 7-1.11 of
7 this chapter or by reason of the trustee's authority under the trust
8 instrument or any other provision of law to pay or reimburse the creator
9 for any tax on trust income or trust principal that is payable by the
10 creator under the law imposing such tax or to pay any such tax directly
11 to the taxing authorities.
12 S 2. This act shall take effect immediately and shall be deemed to
13 have been in full force and effect on and after November 13, 2013.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14936-01-4
