Bill Text: NY A01522 | 2017-2018 | General Assembly | Introduced

New York Assembly Bill 1522 (Prior Session Legislation)

Introduced

Bill Title: Sets the rate of taxation on estates.

Spectrum: Partisan Bill (Democrat 16-0)

Status: (Introduced - Dead) 2018-01-03 - referred to ways and means [A01522 Detail]

Download: New_York-2017-A01522-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          1522
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    January 12, 2017
                                       ___________
        Introduced  by  M.  of  A. BRAUNSTEIN, SIMOTAS, SIMANOWITZ, SCHIMMINGER,
          ABINANTI, OTIS, MOSLEY, ZEBROWSKI, GALEF, STIRPE, O'DONNELL --  Multi-
          Sponsored  by -- M.  of A. ARROYO, DenDEKKER, GLICK, LUPARDO, SOLAGES,
          THIELE -- read once and referred to the Committee on Ways and Means
        AN ACT to amend the tax law, in relation to the rate of the estate tax
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraph  1  of subsection (c) of section 952 of the tax
     2  law, as added by section 2 of part X of chapter 59 of the laws of  2014,
     3  is amended to read as follows:
     4    (1)  A credit of the applicable credit amount shall be allowed against
     5  the tax imposed by this section as provided in this subsection.  In  the
     6  case  of  a decedent whose New York taxable estate is less than or equal
     7  to the basic exclusion amount, the applicable credit amount shall be the
     8  amount of tax that would be due under subsection (b) of this section  on
     9  such  decedent's  New  York  taxable  estate. [In the case of a decedent
    10  whose New York taxable estate exceeds the basic exclusion amount  by  an
    11  amount  that  is  less than or equal to five percent of such amount, the
    12  applicable credit amount shall be the amount of tax that  would  be  due
    13  under  subsection  (b) of this section if the amount on which the tax is
    14  to be computed were equal to the basic exclusion  amount  multiplied  by
    15  one  minus a fraction, the numerator of which is the decedent's New York
    16  taxable estate minus the basic exclusion amount, and the denominator  of
    17  which is five percent of the basic exclusion amount.] Provided, however,
    18  that  the  credit  allowed  by  this subsection shall not exceed the tax
    19  imposed by this section[, and no credit shall be allowed to  the  estate
    20  of  any  decedent whose New York taxable estate exceeds one hundred five
    21  percent of the basic exclusion amount].
    22    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01753-01-7