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Assembly Bill A3363

2013-2014 Legislative Session

Relates to raising the amount of the New York state estate tax exemption from one million dollars to five million dollars

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Archive: Last Bill Status - In Assembly Committee

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2013-A3363 (ACTIVE) - Details

See Senate Version of this Bill:
S6153
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง951, Tax L
Versions Introduced in 2015-2016 Legislative Session:
A3667

2013-A3363 (ACTIVE) - Summary

Relates to raising the amount of the New York state estate tax exemption from one million to five million dollars.

2013-A3363 (ACTIVE) - Bill Text download pdf 

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

                                  3363

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 25, 2013
                               ___________

Introduced by M. of A. TENNEY -- read once and referred to the Committee
  on Ways and Means

AN  ACT  to  amend the tax law, in relation to raising the amount of the
  New York state estate tax exemption from one million dollars  to  five
  million dollars

  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] FIVE million dollars.
  S  2.  This  act  shall take effect immediately and shall apply to all
estates submitted to probate after this act shall have become a law.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03167-01-3

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