Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 03, 2014 |
print number 3694a |
Mar 03, 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 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 |
Senate Bill S3694A
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, C) 60th Senate District
(R, C, IP) Senate District
2013-S3694 - Details
- See Assembly Version of this Bill:
- A5230
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §951, Tax L
2013-S3694 - 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.
2013-S3694 - Bill Text download pdf
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
(R, C) 60th Senate District
(R, C, IP) Senate District
2013-S3694A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5230
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §951, Tax L
2013-S3694A (ACTIVE) - 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.
2013-S3694A (ACTIVE) - Bill 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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