Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 21, 2012 |
committed to rules |
May 30, 2012 |
advanced to third reading |
May 23, 2012 |
2nd report cal. |
May 22, 2012 |
1st report cal.859 |
Mar 08, 2012 |
referred to investigations and government operations |
Senate Bill S6649
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Rules Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2011-S6649 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9481
- Current Committee:
- Senate Rules
- Law Section:
- Tax Law
- Laws Affected:
- Amd §951, Tax L
- Versions Introduced in 2013-2014 Legislative Session:
-
S4851, A6556
2011-S6649 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6649 REVISED 05/24/12 TITLE OF BILL: An act to amend the tax law, in relation to the estate tax treatment of dispositions to surviving spouses who are not United States citizens This is one in a series of measures being introduced at the request of the Chief Administrative Judge upon the recommendation of her Surro- gate's Court Advisory Committee. This measure would amend the Tax Law to reduce the expense and clarify the procedure to obtain a marital deduction for a disposition to a non- citizen surviving spouse where no Federal estate tax return is required. Under §2056(d) of the Internal Revenue Code, an estate is not entitled to a marital deduction for bequests to a non-U.S. citizen surviving spouse unless the bequest passes to a qualified domestic trust ("QDT"), as defined in IRC §2056A. That section provides generally that when the QDT terminates or distributes principal to the surviving spouse, a tax is imposed equal to the estate tax that would have been imposed if the value of the distributed property had been added to the original decedent's taxable estate. In essence, this ensures that the marital deduction will cause a deferral of estate tax, rather than a complete elimination, if the surviving spouse is not subject to U.S. estate tax at his or her death. However, there is no corresponding New York tax imposed on the termination of a QDT or distribution of principal from a
2011-S6649 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6649 I N S E N A T E March 8, 2012 ___________ Introduced by Sen. BONACIC -- (at request of the Office of Court Admin- istration) -- 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 the estate tax treatment of dispositions to surviving spouses who are not United States citizens THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 951 of the tax law is amended by adding a new subsection (c) to read as follows: (C) DISPOSITION TO SURVIVING SPOUSE WHO IS NOT A UNITED STATES CITI- ZEN. IN THE CASE OF AN ESTATE WHERE A FEDERAL ESTATE TAX RETURN IS NOT REQUIRED FOR FEDERAL ESTATE TAX PURPOSES, A DISPOSITION TO A SURVIVING SPOUSE THAT WOULD QUALIFY FOR THE FEDERAL ESTATE TAX MARITAL DEDUCTION UNDER SECTION 2056 OF THE INTERNAL REVENUE CODE IF NOT FOR THE LIMITA- TION IMPOSED BY SUBSECTION (D)(1) OF SUCH SECTION SHALL NONETHELESS BE TREATED AS QUALIFYING FOR THE FEDERAL ESTATE TAX MARITAL DEDUCTION FOR PURPOSES OF COMPUTING THE TAX IMPOSED BY SECTION NINE HUNDRED FIFTY-TWO OF THIS ARTICLE, WITHOUT REQUIRING THAT SUCH DISPOSITION PASS TO THE SURVIVING SPOUSE IN A QUALIFIED DOMESTIC TRUST AS REQUIRED FOR FEDERAL PURPOSES BY INTERNAL REVENUE CODE SECTION 2056(D)(2). S 2. This act shall take effect immediately and shall apply to the estates of decedents that have died on or after January 1, 2010. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14028-01-2
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