Bill Text: NY S01516 | 2021-2022 | General Assembly | Introduced

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Bill Title: Repeals the estate tax.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO BUDGET AND REVENUE [S01516 Detail]

Download: New_York-2021-S01516-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1516

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 12, 2021
                                       ___________

        Introduced  by  Sen. TEDISCO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        AN ACT to amend the tax law and 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 Article 26 of the tax law is REPEALED.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 section 60 of chapter 639 of  the
     4  laws of 1986 and such section as renumbered by section 43 of chapter 639
     5  of the laws of 1986, is 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.
                                                                   LBD03920-01-1