Bill Text: NY S06320 | 2017-2018 | General Assembly | Amended

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Bill Title: Sets the rate of taxation on estates; provides that if the taxable estate exceeds the basic exclusion amount the credit shall be the amount of tax that would be due if the amount on which the tax is to be computed is equal to the basic exclusion amount.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S06320 Detail]

Download: New_York-2017-S06320-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6320--B
                               2017-2018 Regular Sessions
                    IN SENATE
                                      May 11, 2017
                                       ___________
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment  Operations  --  committee  discharged,  bill  amended,   ordered
          reprinted  as  amended  and recommitted to said committee -- committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
        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 whose
    10  New York taxable estate exceeds the basic exclusion amount [by an amount
    11  that is less than or equal to five percent of such amount], the applica-
    12  ble  credit  amount  shall  be the amount of tax that would be due under
    13  subsection (b) of this section if the amount on which the tax is  to  be
    14  computed  [were]  was 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.
                                                                   LBD01753-04-7