Bill Text: NY A02332 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 2332

Introduced

Bill Title: Repeals the estate tax.

Spectrum: Partisan Bill (Republican 12-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A02332 Detail]

Download: New_York-2023-A02332-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          2332

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 25, 2023
                                       ___________

        Introduced  by  M. of A. WALSH, MORINELLO, HAWLEY, BARCLAY, BLANKENBUSH,
          BRABENEC, TAGUE -- Multi-Sponsored by -- M. of  A.  ANGELINO,  BYRNES,
          GALLAHAN, MANKTELOW -- read once and referred to the Committee on Ways
          and Means

        AN  ACT  to  amend  the  administrative code of the city of New York, in
          relation to taxable estates; and to repeal article 26 of the  tax  law
          relating thereto

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Article 26 of the tax law is REPEALED.
     2    § 2. Subdivision (r) of section 11-1712 of the administrative code  of
     3  the  city  of New York, as relettered by chapter 639 of the laws of 1986
     4  and such section as renumbered by chapter 639 of the laws  of  1986,  is
     5  amended to read as follows:
     6    (r)  In  the  case of a sale or other disposition of property acquired
     7  from a decedent and valued by the executor of the estate of  such  dece-
     8  dent  [for  the  purposes of the tax under article twenty-six of the tax
     9  law (i) pursuant to paragraph two of  subsection  (b)  of  section  nine
    10  hundred  fifty-four  of  the  tax  law, or (ii) pursuant to section nine
    11  hundred fifty-four-a of the tax law,] where such estate was insufficient
    12  to require the filing of a federal estate tax return, the amount  neces-
    13  sary to properly reflect the gain or loss from such sale or other dispo-
    14  sition  which  would have been realized under this chapter, had[, in the
    15  case of clause (i) of this subdivision,] a  federal  estate  tax  return
    16  been filed similarly valuing such property pursuant to section two thou-
    17  sand  thirty-two of the internal revenue code, or [in the case of clause
    18  (ii) of this subdivision,] pursuant to section two thousand thirty-two-A
    19  of such code.
    20    § 3. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02670-01-3