Do you support this bill?

Senate Bill S6015A

2011-2012 Legislative Session

Raises the threshold for estate tax under applicable internal revenue code provisions

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

Votes

Bill Amendments

co-Sponsors

2011-S6015 - Details

See Assembly Version of this Bill:
A8681
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §951, Tax L
Versions Introduced in 2013-2014 Legislative Session:
S3035, A5293

2011-S6015 - Summary

Raises the threshold for estate tax under applicable internal revenue code provisions; increases to five million dollars over a period of five years.

2011-S6015 - Sponsor Memo

2011-S6015 - Bill Text download pdf 

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

                                  6015

                            I N  S E N A T E

                               (PREFILED)

                             January 4, 2012
                               ___________

Introduced  by  Sen.  DeFRANCISCO -- 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 raising the threshold for
  estate tax under applicable internal revenue code provisions

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

  Section 1. Subsection (a) of section 951 of the tax law, as amended by
section  1  of  part  T of chapter 57 of the laws of 2010, is amended to
read as follows:
  (a) Dates. For purposes of this article, any reference to the internal
revenue code means the United States Internal Revenue Code of 1986, with
all amendments enacted on or before July twenty-second, nineteen hundred
ninety-eight, and, unless specifically provided otherwise in this  arti-
cle,  any  reference to December thirty-first, nineteen hundred seventy-
six or January first, nineteen hundred seventy-seven  contained  in  the
provisions of such code which are applicable to the determination of the
tax imposed by this article shall be read as a reference to June thirti-
eth,  nineteen  hundred  seventy-eight  or  July first, nineteen hundred
seventy-eight, respectively. Notwithstanding the foregoing, the  unified
credit  against  the  estate tax provided in section two thousand ten of
the internal revenue code shall, for purposes of this  article,  be  the
amount allowable as if the federal applicable exclusion amount were:
  1. one million dollars FOR TAXABLE YEARS PRIOR TO 2012;
  2. TWO MILLION DOLLARS FOR THE TAXABLE YEAR 2012;
  3. THREE MILLION DOLLARS FOR THE TAXABLE YEAR 2013;
  4. FOUR MILLION DOLLARS FOR THE TAXABLE YEAR 2014; AND
  5. FIVE MILLION DOLLARS FOR THE TAXABLE YEAR 2015.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13425-01-1

co-Sponsors

2011-S6015A (ACTIVE) - Details

See Assembly Version of this Bill:
A8681
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §951, Tax L
Versions Introduced in 2013-2014 Legislative Session:
S3035, A5293

2011-S6015A (ACTIVE) - Summary

Raises the threshold for estate tax under applicable internal revenue code provisions; increases to five million dollars over a period of five years.

2011-S6015A (ACTIVE) - Sponsor Memo

2011-S6015A (ACTIVE) - Bill Text download pdf 

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

                                 6015--A

                            I N  S E N A T E

                               (PREFILED)

                             January 4, 2012
                               ___________

Introduced  by  Sens.  DeFRANCISCO, FLANAGAN, GALLIVAN, GOLDEN, MAZIARZ,
  RANZENHOFER, ZELDIN -- read twice and ordered printed, and when print-
  ed to be committed to the Committee on Investigations  and  Government
  Operations -- committee discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

AN  ACT  to  amend the tax law, in relation to raising the threshold for
  estate tax under applicable internal revenue code provisions

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

  Section 1. Subsection (a) of section 951 of the tax law, as amended by
section  1  of  part  T of chapter 57 of the laws of 2010, is amended to
read as follows:
  (a) Dates. For purposes of this article, any reference to the internal
revenue code means the United States Internal Revenue Code of 1986, with
all amendments enacted on or before July twenty-second, nineteen hundred
ninety-eight, and, unless specifically provided otherwise in this  arti-
cle,  any  reference to December thirty-first, nineteen hundred seventy-
six or January first, nineteen hundred seventy-seven  contained  in  the
provisions of such code which are applicable to the determination of the
tax imposed by this article shall be read as a reference to June thirti-
eth,  nineteen  hundred  seventy-eight  or  July first, nineteen hundred
seventy-eight, respectively. Notwithstanding the foregoing, the  unified
credit  against  the  estate tax provided in section two thousand ten of
the internal revenue code shall, for purposes of this  article,  be  the
amount allowable as if the federal applicable exclusion amount were:
  1. one million dollars FOR TAXABLE YEARS PRIOR TO 2012;
  2. TWO MILLION DOLLARS FOR THE TAXABLE YEAR 2012;
  3. THREE MILLION DOLLARS FOR THE TAXABLE YEAR 2013;
  4. FOUR MILLION DOLLARS FOR THE TAXABLE YEAR 2014; AND
  5. FIVE MILLION DOLLARS FOR THE TAXABLE YEAR 2015 AND THEREAFTER.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13425-02-2

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.