Bill Text: NY A04854 | 2009-2010 | General Assembly | Introduced

---

Bill Title: An act to amend the tax law, in relation to the amount of the unified credit applied to estates including a family owned farm for purposes of the estate tax

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2010-07-01 - held for consideration in ways and means [A04854 Detail]

Download: New_York-2009-A04854-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4854
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 6, 2009
                                      ___________
       Introduced  by  M. of A. ALESSI -- Multi-Sponsored by -- M. of A. REILLY
         -- read once and referred to the Committee on Ways and Means
       AN ACT to amend the tax law, in relation to the amount  of  the  unified
         credit  applied  to estates including a family owned farm for purposes
         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. Subsection (a) of section 951 of the tax law, as amended by
    2  section  1  of  part A of chapter 407 of the laws of 1999, is amended to
    3  read as follows:
    4    (a) Dates. For purposes of this article, any reference to the internal
    5  revenue code means the United States Internal Revenue Code of 1986, with
    6  all amendments enacted on or before July twenty-second, nineteen hundred
    7  ninety-eight, and, unless specifically provided otherwise in this  arti-
    8  cle,  any  reference to December thirty-first, nineteen hundred seventy-
    9  six or January first, nineteen hundred seventy-seven  contained  in  the
   10  provisions of such code which are applicable to the determination of the
   11  tax imposed by this article shall be read as a reference to June thirti-
   12  eth,  nineteen  hundred  seventy-eight  or  July first, nineteen hundred
   13  seventy-eight, respectively. Notwithstanding the foregoing, the  unified
   14  credit  against  the  estate tax provided in section two thousand ten of
   15  the internal revenue code shall, for purposes of this  article,  be  the
   16  amount  allowed  by  such  section  under  the applicable federal law in
   17  effect on the decedent's date of death. Provided, however, the amount of
   18  such credit allowable for purposes of this article shall not exceed  the
   19  amount allowable as if the federal unified credit did not exceed the tax
   20  due  under  section  two  thousand one of the internal revenue code on a
   21  federal taxable estate of one  million  dollars.    NOTWITHSTANDING  THE
   22  FOREGOING,  FOR  ESTATES  INCLUDING  A  FAMILY OWNED FARM ENGAGED IN THE
   23  PRODUCTION OF FARM PRODUCTS AS DEFINED IN SECTION TWO OF THE AGRICULTURE
   24  AND MARKETS LAW, AN ADDITIONAL CREDIT ALLOWABLE  FOR  PURPOSES  OF  THIS
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08058-01-9
       A. 4854                             2
    1  ARTICLE  SHALL  BE EQUAL TO THE VALUE OF SUCH FARM PROVIDED SUCH FARM IS
    2  INHERITED BY DESCENDANTS OF THE DECEDENT AND  SUCH  HEIRS  CONTINUE  THE
    3  PRODUCTION OF FARM PRODUCTS ON SUCH FARM.
    4    S  2.  This  act  shall take effect immediately and shall apply to the
    5  estates of decedents dying on or after January 1, 2010.