senate Bill S6015A

2011-2012 Legislative Session

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

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Archive: Last Bill Status - Passed Senate


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 20, 2012 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1411
committee discharged and committed to rules
Jun 14, 2012 print number 6015a
Jun 14, 2012 amend and recommit to investigations and government operations
Jan 04, 2012 referred to investigations and government operations

Votes

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Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

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S6015 - Bill Details

See Assembly Version of this Bill:
A8681A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §951, Tax L

S6015 - Bill Texts

view summary

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

view sponsor memo
BILL NUMBER:S6015

TITLE OF BILL:
An act
to amend the tax law, in relation to raising the threshold for estate
tax under applicable internal revenue code provisions

PURPOSE:
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 2014.

Section 2: Establishes the effective date.

JUSTIFICATION:
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.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
$500M 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.

EFFECTIVE DATE:
Immediately.

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                    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

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S6015A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A8681A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §951, Tax L

S6015A (ACTIVE) - Bill Texts

view summary

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

view sponsor memo
BILL NUMBER:S6015A

TITLE OF BILL:
An act
to amend the tax law, in relation to raising the threshold for estate
tax under applicable internal revenue code provisions

PURPOSE:
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.

JUSTIFICATION:
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.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
$500M 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.

EFFECTIVE DATE:
Immediately.

view full 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

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