Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 10, 2014 |
print number 3035a |
Jan 10, 2014 |
amend and recommit to investigations and government operations |
Jan 08, 2014 |
referred to investigations and government operations returned to senate died in assembly |
Jun 21, 2013 |
referred to ways and means |
Jun 20, 2013 |
delivered to assembly passed senate |
Jun 10, 2013 |
advanced to third reading |
Jun 05, 2013 |
2nd report cal. |
Jun 04, 2013 |
1st report cal.998 |
Apr 30, 2013 |
reported and committed to finance |
Jan 29, 2013 |
referred to investigations and government operations |
Senate Bill S3035A
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Actions
Votes
Bill Amendments
co-Sponsors
(R) Senate District
(R, C) 60th Senate District
(R, C, IP) Senate District
(R, IP) Senate District
2013-S3035 - Details
- See Assembly Version of this Bill:
- A5293
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §951, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S6015, A8681
2013-S3035 - Sponsor Memo
BILL NUMBER:S3035 REVISED 2/7/13 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 thresh- old 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 resi- dents. When assets and residences leave the state New York loses popu- lation 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.
2013-S3035 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3035 2013-2014 Regular Sessions I N S E N A T E January 29, 2013 ___________ Introduced by Sens. DeFRANCISCO, GALLIVAN, RANZENHOFER -- 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 2013; 2. TWO MILLION DOLLARS FOR THE TAXABLE YEAR 2013; 3. THREE MILLION DOLLARS FOR THE TAXABLE YEAR 2014; 4. FOUR MILLION DOLLARS FOR THE TAXABLE YEAR 2015; AND 5. FIVE MILLION DOLLARS FOR THE TAXABLE YEAR 2016 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. LBD07808-01-3
co-Sponsors
(R, C) 60th Senate District
(R, C, IP) Senate District
(R, IP) Senate District
(R, C, IP) Senate District
2013-S3035A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5293
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §951, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S6015, A8681
2013-S3035A (ACTIVE) - Sponsor Memo
BILL NUMBER:S3035A 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
2013-S3035A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3035--A 2013-2014 Regular Sessions I N S E N A T E January 29, 2013 ___________ Introduced by Sens. DeFRANCISCO, GALLIVAN, GOLDEN, GRISANTI, NOZZOLIO, RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- recommitted to the Committee on Investigations and Government Oper- ations in accordance with Senate Rule 6, sec. 8 -- 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 2014; 2. TWO MILLION DOLLARS FOR THE TAXABLE YEAR 2014; 3. THREE MILLION DOLLARS FOR THE TAXABLE YEAR 2015; 4. FOUR MILLION DOLLARS FOR THE TAXABLE YEAR 2016; AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07808-02-4
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.