Bill Text: NY S07820 | 2017-2018 | General Assembly | Introduced

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Bill Title: Increases credits against taxes imposed on the transfer of the New York estate by every deceased individual who at his or her death was a resident of New York state by setting the basic exclusion amount to $11,200,000.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-02-28 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S07820 Detail]

Download: New_York-2017-S07820-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7820
                    IN SENATE
                                    February 28, 2018
                                       ___________
        Introduced  by  Sen.  MARCELLINO  -- read twice and ordered printed, and
          when printed to be committed to the Committee  on  Investigations  and
          Government Operations
        AN  ACT  to amend the tax law, in relation to increasing credits against
          taxes imposed on the transfer of the New York estate by every deceased
          individual who at his or her death was a resident of New York state
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subsection (c) of section 952 of the tax law, as added by
     2  section 2 of part X of chapter 59 of the laws of  2014,  is  amended  to
     3  read as follows:
     4    (c)  Applicable  credit  amount. (1) A credit of the applicable credit
     5  amount shall be allowed against the  tax  imposed  by  this  section  as
     6  provided  in  this  subsection. In the case of a decedent whose New York
     7  taxable estate is less than or equal to the basic exclusion amount,  the
     8  applicable  credit  amount  shall be the amount of tax that would be due
     9  under subsection (b) of this section on such decedent's New York taxable
    10  estate. In the case of a decedent whose New York taxable estate  exceeds
    11  the  basic  exclusion amount [by an amount that is less than or equal to
    12  five percent of such amount], the applicable credit amount shall be  the
    13  amount of tax that would be due under subsection (b) of this section [if
    14  the amount on which the tax is to be computed were] equal to the maximum
    15  basic  exclusion amount [multiplied by one minus a fraction, the numera-
    16  tor of which is the decedent's New York taxable estate minus  the  basic
    17  exclusion  amount,  and  the denominator of which is five percent of the
    18  basic exclusion amount]. Provided, however, that the credit  allowed  by
    19  this  subsection  shall not exceed the tax imposed by this section[, and
    20  no credit shall be allowed to the estate of any decedent whose New  York
    21  taxable  estate  exceeds one hundred five percent of the basic exclusion
    22  amount].
    23    (2) (A) For purposes of this section, the basic exclusion amount shall
    24  be as follows:
    25  In the case of decedents dying on or after: The basic  exclusion  amount
    26  is:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14270-01-8
        S. 7820                             2
     1  April 1, 2014 and before April 1, 2015            $ 2,062,500
     2  April 1, 2015 and before April 1, 2016            3,125,000
     3  April 1, 2016 and before April 1, 2017            4,187,500
     4  April 1, 2017 and before January 1, [2019] 2018   5,250,000
     5  January 1, 2018 and before January 1, 2019        11,200,000
     6    (B)  In the case of any decedent dying in a calendar year beginning on
     7  or after January first,  two  thousand  nineteen,  the  basic  exclusion
     8  amount shall be equal to:
     9    (i)  [five  million  dollars]  eleven  million  two  hundred  thousand
    10  dollars, multiplied by
    11    (ii) one plus  the  cost-of-living  adjustment,  which  shall  be  the
    12  percentage  by which the consumer price index for the preceding calendar
    13  year exceeds the consumer price index for  calendar  year  two  thousand
    14  ten.
    15    (C)  (i)  For purposes of this paragraph, "consumer price index" means
    16  the most recent consumer price index for all-urban  consumers  published
    17  by the United States department of labor.
    18    (ii)  For  purposes  of  clause (ii) of subparagraph (B) of this para-
    19  graph, the consumer price index for any calendar year shall be the aver-
    20  age of the consumer price index as of  the  close  of  the  twelve-month
    21  period ending on August thirty-first of such calendar year.
    22    (iii) If any amount adjusted under this paragraph is not a multiple of
    23  ten thousand dollars, such amount shall be rounded to the nearest multi-
    24  ple of ten thousand dollars.
    25    § 2. This act shall take effect immediately.