Bill Text: NY A05395 | 2013-2014 | General Assembly | Introduced

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Bill Title: Raises threshold for estate tax from one million to two million dollars under applicable internal revenue code provisions.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A05395 Detail]

Download: New_York-2013-A05395-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5395
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 25, 2013
                                      ___________
       Introduced by M. of A. KOLB, CORWIN, RAIA -- Multi-Sponsored by -- M. of
         A. JORDAN -- read once and referred to the Committee on Ways and Means
       AN  ACT to amend the tax law, in relation to applicable internal revenue
         code provisions
         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  T of chapter 57 of the laws of 2010, 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  allowable  as  if  the  federal applicable exclusion amount were
   17  [one] TWO million dollars.
   18    S 2. This act shall take effect on the first of January next  succeed-
   19  ing the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09194-01-3