Bill Text: NY S01157 | 2019-2020 | General Assembly | Introduced

Bill Title: Repeals the estate tax.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2019-01-11 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S01157 Detail]

Download: New_York-2019-S01157-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 11, 2019
        Introduced  by  Sens. TEDISCO, ROBACH -- 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 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 Article 26 of the tax law is REPEALED.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. Section 1825 of the tax law, as amended by section 3 of part  NNN
     3  of chapter 59 of the laws of 2018, is amended to read as follows:
     4    §  1825.  Violation  of secrecy provisions of the tax law.--Any person
     5  who violates the provisions of subdivision (b)  of  section  twenty-one,
     6  subdivision one of section two hundred two, subdivision eight of section
     7  two  hundred  eleven, subdivision (a) of section three hundred fourteen,
     8  subdivision one or two of section  four  hundred  thirty-seven,  section
     9  four  hundred  eighty-seven,  subdivision  one  or  two  of section five
    10  hundred fourteen, subsection (e) of section  six  hundred  ninety-seven,
    11  [subsection (a) of section nine hundred ninety-four,] subdivision (a) of
    12  section  eleven  hundred forty-six, section twelve hundred eighty-seven,
    13  section twelve hundred ninety-six, section twelve hundred ninety-nine-F,
    14  subdivision (a) of section fourteen hundred eighteen, subdivision (a) of
    15  section fifteen hundred eighteen, subdivision  (a)  of  section  fifteen
    16  hundred  fifty-five  of  this  chapter,  and  subdivision (e) of section
    17  11-1797 of the administrative code of the city  of  New  York  shall  be
    18  guilty of a misdemeanor.
    19    §  3. Subdivision (r) of section 11-1712 of the administrative code of
    20  the city of New York, as relettered by section 60 of chapter 639 of  the
    21  laws of 1986 and such section as renumbered by section 43 of chapter 639
    22  of the laws of 1986, is amended to read as follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 1157                             2
     1    (r)  In  the  case of a sale or other disposition of property acquired
     2  from a decedent and valued by the executor of the estate of  such  dece-
     3  dent  [for  the  purposes of the tax under article twenty-six of the tax
     4  law (i) pursuant to paragraph two of  subsection  (b)  of  section  nine
     5  hundred  fifty-four  of  the  tax  law, or (ii) pursuant to section nine
     6  hundred fifty-four-a of the tax law,] where such estate was insufficient
     7  to require the filing of a federal estate tax return, the amount  neces-
     8  sary to properly reflect the gain or loss from such sale or other dispo-
     9  sition  which  would have been realized under this chapter, had[, in the
    10  case of clause (i) of this subdivision,] a  federal  estate  tax  return
    11  been filed similarly valuing such property pursuant to section two thou-
    12  sand  thirty-two of the internal revenue code, or [in the case of clause
    13  (ii) of this subdivision,] pursuant to section two thousand thirty-two-A
    14  of such code.
    15    § 4. This act shall take effect immediately.