senate Bill S3035A
(R, C, IP) 50th Senate District
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Raises the threshold for estate tax under applicable internal revenue code provisions; increases to five million dollars over a period of five years.
TITLE OF BILL: An act to amend the tax law, in relation to raising
the threshold for estate tax under applicable internal revenue code
The purpose of this bill is to increase the estate tax threshold over
a period of four years beginning with $1 million estates.
SUMMARY OF PROVISIONS:
Section 1: amends Subsection (a) of section 951 of the tax law by
section 1 of part T of chapter 57 of the laws of 2010.
Section 2: Establishes the effective date.
The New York State estate tax creates a disincentive for those with
estates $1 million or over to remain New York State residents. When
assets and residences leave the state New York loses population and
all of the tax revenue from such estates and incomes. Some studies
have demonstrated that states with lower or no estate taxes have
benefited from increased numbers of new residents compared to states
with high estate taxes. Changing the threshold for estate taxes will
encourage residents to remain in New York and continue living and
doing business in New York State.
S.6015A/A8681A of 2011-2012
$5M when fully phased in, however, this would likely be offset by
those individuals who might otherwise establish an out of state
domicile as a result of the current threshold.
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