senate Bill S5519

Signed By Governor
2011-2012 Legislative Session

Modifies certain formulas construed to refer to the federal estate and generation-skipping transfer tax on estates of decedents dying during 2010

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A7729 -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 23, 2011 signed chap.529
Sep 12, 2011 delivered to governor
Jun 16, 2011 returned to assembly
passed senate
3rd reading cal.1084
substituted for s5519
Jun 16, 2011 substituted by a7729
Jun 14, 2011 advanced to third reading
Jun 13, 2011 2nd report cal.
Jun 07, 2011 1st report cal.1084
May 27, 2011 referred to judiciary

S5519 - Details

See Assembly Version of this Bill:
A7729
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd ยง2-1.13, EPT L

S5519 - Summary

Modifies certain formulas construed to refer to the federal estate and generation-skipping transfer tax on estates of decedents dying during 2010.

S5519 - Sponsor Memo

S5519 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5519

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              May 27, 2011
                               ___________

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 Judiciary

AN  ACT  to  amend  the  estates,  powers and trusts law, in relation to
  certain formula clauses to be construed to refer to the federal estate
  and generation-skipping transfer tax laws  applicable  to  estates  of
  decedents dying after December 31, 2009 and before January 1, 2011

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 2-1.13 of the estates, powers and  trusts  law,  as
added by chapter 349 of the laws of 2010, is amended to read as follows:
S 2-1.13 Certain formula clauses to be construed to refer to the federal
           estate  and  generation-skipping transfer tax laws applicable
           to estates of decedents dying  after  December  thirty-first,
           two  thousand  nine  and  before  January first, two thousand
           eleven
  (a)(1) If by reason of the death of a decedent property passes  or  is
acquired  under  a  beneficiary  designation, [in the case of] a will or
trust of a decedent who dies after December thirty-first,  two  thousand
nine  and  before  January  first,  two thousand eleven, that contains a
bequest or other disposition based upon the amount of property that  can
be  sheltered from federal estate tax by referring to the "unified cred-
it", "estate tax exemption", "applicable exclusion amount",  "applicable
exemption  amount",  "applicable  credit  amount",  "marital deduction",
"maximum marital deduction", "unlimited marital deduction",  "charitable
deduction",  "maximum  charitable deduction" or similar words or phrases
relating to the federal estate tax, or  that  measures  a  share  of  an
estate or trust based on the amount that can pass free of federal estate
taxes,  or  that  is  otherwise  based on a similar provision of federal
estate tax THEN SUCH BENEFICIARY DESIGNATION, WILL  OR  TRUST  shall  be
deemed to refer to the federal estate tax law as applied with respect to
decedents  dying  [on  December  thirty-first, two thousand nine] IN TWO
THOUSAND TEN, REGARDLESS OF WHETHER AN ELECTION IS MADE NOT TO HAVE  THE
FEDERAL ESTATE TAX APPLY TO A PARTICULAR ESTATE.

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