Assembly Bill A8049

2011-2012 Legislative Session

Raises threshold for estate tax from one million to three million dollars under applicable internal revenue code provisions

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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

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2011-A8049 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง951, Tax L
Versions Introduced in 2009-2010 Legislative Session:
A4034

2011-A8049 (ACTIVE) - Summary

Raises threshold for estate tax from one million to three million dollars under applicable internal revenue code provisions.

2011-A8049 (ACTIVE) - Bill Text download pdf 

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

                                  8049

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 27, 2011
                               ___________

Introduced  by M. of A. THIELE, SAYWARD, CROUCH, BARCLAY, RAIA -- Multi-
  Sponsored by -- M. of  A.  BURLING,  CALHOUN,  CONTE,  DUPREY,  FINCH,
  HAWLEY,  KOLB,  J. MILLER,  MOLINARO,  OAKS, REILICH, SALADINO, SPANO,
  TEDISCO -- read once and referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to 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
[one] THREE million dollars.
  S  2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11669-01-1

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