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Assembly Bill A5395

2013-2014 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee

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2013-A5395 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง951, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A3051
2011-2012: A6505

2013-A5395 (ACTIVE) - Summary

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

2013-A5395 (ACTIVE) - Bill Text download pdf 

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

                                  5395

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 25, 2013
                               ___________

Introduced by M. of A. KOLB, CORWIN, RAIA -- Multi-Sponsored by -- M. of
  A. JORDAN -- 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] TWO 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.
                                                           LBD09194-01-3

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