senate Bill S3694A

2013-2014 Legislative Session

Relates to the unified credit against the estate tax for purposes of a farm operation

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Archive: Last Bill Status - In Committee


  • 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
Mar 03, 2014 print number 3694a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
returned to senate
died in assembly
Jun 13, 2013 referred to ways and means
delivered to assembly
passed senate
Jun 12, 2013 ordered to third reading cal.1328
committee discharged and committed to rules
Mar 05, 2013 reported and committed to finance
Feb 11, 2013 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S3694 - Bill Details

See Assembly Version of this Bill:
A5230A
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §951, Tax L

S3694 - Bill Texts

view summary

Relates to the unified credit against the estate tax for purposes of a farm operation.

view sponsor memo
BILL NUMBER:S3694

TITLE OF BILL: An act to amend the tax law, in relation to the unified
credit against the estate tax

PURPOSE: This bill amends the Tax Law by increasing the Estate Tax
applicable exclusion amount from one million dollars to five million
dollars for a farm operation as defined in section three hundred one of
the agriculture and markets law.

SUMMARY OF PROVISIONS:

Section 1 amends Subsection (a) of section 951 of the tax, as amended by
section 1 of part T of chapter 57 of the laws of 2010 to increase the
exemption to five million dollars for a farm operation, as defined in
section three hundred one of the agriculture and markets law.

JUSTIFICATION: Currently the unified credit against the estate tax
provided in section 2010 of the Internal Revenue Code is the amount
allowable as if the federal applicable exclusion amount were one million
dollars. This bill adds a unified credit against the estate tax of five
million dollars for a farm operation as defined in section 301 of the
Agriculture and Markets Law.

The value of real property in New York State has increased substantially
in recent years which has correspondingly increased the value of farms.
The economics of farming typically requires extensive land holdings to
remain profitable and productive. Today, it is not uncommon for a farm
of two hundred and fifty acres to have a value well above one million
dollars. Therefore, this bill is necessary to maintain the viability of
our state's farming operations and provide for an affordable transfer
from the present generation of farmers to the next generation. It will
also allow New York State to maintain a strong agriculture industry
while ensuring that the industry can continue to grow.

LEGISLATIVE HISTORY: New Bill.

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This act shall take effect immediately and shall apply
to taxable years commencing on and after January 1, 2013.

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

                                  3694

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 11, 2013
                               ___________

Introduced by Sens. RITCHIE, GALLIVAN -- 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 the unified  credit  against
  the estate tax

  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
million dollars OR FIVE MILLION DOLLARS FOR A FARM OPERATION, AS DEFINED
IN SECTION THREE HUNDRED ONE OF THE AGRICULTURE AND MARKETS LAW.
  S 2. This act shall take effect immediately and shall apply to taxable
years commencing on and after January 1, 2013.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08783-02-3

Co-Sponsors

S3694A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A5230A
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §951, Tax L

S3694A (ACTIVE) - Bill Texts

view summary

Relates to the unified credit against the estate tax for purposes of a farm operation.

view sponsor memo
BILL NUMBER:S3694A

TITLE OF BILL: An act to amend the tax law, in relation to the
unified credit against the estate tax

PURPOSE: This bill amends the Tax Law by increasing the Estate Tax
applicable exclusion amount from one million dollars to five million
dollars for a farm operation as defined in section three hundred one
of the Agriculture and Markets Law.

SUMMARY OF PROVISIONS:

Section 1 amends 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 to
increase the exemption to five million dollars for a farm operation,
as defined in section three hundred one of the Agriculture and Markets
Law.

Section 2 provides the effective date.

JUSTIFICATION: Currently the unified credit against the estate tax
provided in section 2010 of the Internal Revenue Code is the amount
allowable as if the federal applicable exclusion amount were one
million dollars. This bill adds a unified credit against the estate
tax of five million dollars for a farm operation as defined in section
301 of the Agriculture and Markets Law.

The value of real property in New York State has increased
substantially in recent years which has correspondingly increased the
value of farms. The economics of farming typically requires extensive
land holdings to remain profitable and productive. Today, it is not
uncommon for a farm of two hundred and fifty acres to have a value
well above one million dollars. Therefore, this bill is necessary to
maintain the viability of our state's farming operations and provide
for an affordable transfer from the present generation of farmers to
the next generation. It will also allow New York State to maintain a
strong agriculture industry while ensuring that the industry can
continue to grow.

LEGISLATIVE HISTORY: New Bill

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This act shall take effect immediately and shall
apply to taxable years commencing on and after the first of January
next succeeding the date on which it shall have become a law.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3694--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 11, 2013
                               ___________

Introduced  by  Sens.  RITCHIE,  GALLIVAN,  MARCHIONE  -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations and Government Operations -- recommitted to the Commit-
  tee  on  Investigations  and  Government Operations 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 the unified credit against
  the estate tax

  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
million dollars OR FIVE MILLION DOLLARS FOR A FARM OPERATION, AS DEFINED
IN SECTION THREE HUNDRED ONE OF THE AGRICULTURE AND MARKETS LAW.
  S 2. This act shall take effect immediately and shall apply to taxable
years commencing on and after the first of January next  succeeding  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.
                                                           LBD08783-03-4

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