senate Bill S4310A

Signed By Governor
2013-2014 Legislative Session

Makes a reduced rate of interest applicable to certain additions of tax resulting from discovery after filing an estate tax return of certain assets

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A5960 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 31, 2013 signed chap.197
Jul 19, 2013 delivered to governor
Jun 20, 2013 returned to assembly
passed senate
3rd reading cal.1481
substituted for s4310a
Jun 20, 2013 substituted by a5960a
ordered to third reading cal.1481
committee discharged and committed to rules
Jun 14, 2013 print number 4310a
amend and recommit to investigations and government operations
Mar 20, 2013 referred to investigations and government operations

S4310 - Details

See Assembly Version of this Bill:
A5960A
Law Section:
Tax Law
Laws Affected:
Add §991, Tax L; amd Part A §35, Chap 389 of 1997; amd §385, Chap 190 of 1990
Versions Introduced in Previous Legislative Sessions:
2011-2012: A5960
2009-2010: A7916

S4310 - Summary

Makes a reduced rate of interest applicable to certain additions of tax resulting from discovery after filing an estate tax return of certain assets belonging to the decedent held by the state comptroller as abandoned property.

S4310 - Sponsor Memo

S4310 - Bill Text download pdf

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

                                  4310

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 20, 2013
                               ___________

Introduced  by Sen. MARCELLINO -- (at request of the Department of Taxa-
  tion and Finance) -- 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 making  a  reduced  rate  of
  interest  applicable  to  certain  additions  to tax resulting from an
  executor's discovery after the date for filing an estate tax return of
  certain assets belonging to the decedent held by the state comptroller
  as abandoned property; and to amend chapter 389 of the  laws  of  1997
  amending  the  tax  law and other laws relating to the estate and gift
  tax, and chapter 190 of the laws of 1990 amending the tax law relating
  to certain taxes, fees, and other impositions, in relation to rates of
  interest for certain estates

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. The tax law is amended by adding a new section 991 to read
as follows:
  S 991. INTEREST ACCRUAL RELIEF  FOR  ADDITIONAL  TAX  ATTRIBUTABLE  TO
NEWLY-DISCOVERED ABANDONED PROPERTY. NOTWITHSTANDING ANY OTHER PROVISION
OF  LAW,  IN COMPUTING THE INTEREST DUE ON AN ADDITION TO TAX OWED BY AN
ESTATE ATTRIBUTABLE TO THE  INCLUSION  IN  THE  ESTATE'S  FEDERAL  GROSS
ESTATE  OF  AN  ASSET  HELD BY THE COMPTROLLER AS ABANDONED PROPERTY AND
ACCRUING INTEREST PURSUANT TO SECTION FOURTEEN HUNDRED FIVE OF THE ABAN-
DONED PROPERTY LAW, NO INTEREST SHALL ACCRUE FOR ANY PERIOD OF  TIME  IN
WHICH  THE  COMPTROLLER  CEASED TO PAY INTEREST ON THE ASSET PURSUANT TO
THE FIVE-YEAR LIMITATION IN SUBDIVISION ONE OF SECTION FOURTEEN  HUNDRED
FIVE OF THE ABANDONED PROPERTY LAW IF, AS OF THE DATE PRESCRIBED FOR THE
FILING  OF  A  RETURN REQUIRED BY THIS ARTICLE, INCLUDING ANY EXTENSIONS
GRANTED FOR FILING, INFORMATION PERTAINING TO  THE  ASSET  HAD  NOT  YET
APPEARED  IN  THE  PUBLIC  RECORDS  OF ABANDONED PROPERTY REQUIRED TO BE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09097-01-3

S4310A (ACTIVE) - Details

See Assembly Version of this Bill:
A5960A
Law Section:
Tax Law
Laws Affected:
Add §991, Tax L; amd Part A §35, Chap 389 of 1997; amd §385, Chap 190 of 1990
Versions Introduced in Previous Legislative Sessions:
2011-2012: A5960
2009-2010: A7916

S4310A (ACTIVE) - Summary

Makes a reduced rate of interest applicable to certain additions of tax resulting from discovery after filing an estate tax return of certain assets belonging to the decedent held by the state comptroller as abandoned property.

S4310A (ACTIVE) - Sponsor Memo

S4310A (ACTIVE) - Bill Text download pdf

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

                                 4310--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 20, 2013
                               ___________

Introduced  by  Sen.  MARCELLINO  -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Investigations  and
  Government  Operations  -- committee discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the tax law, in relation to making  a  reduced  rate  of
  interest  applicable  to  certain  additions  to tax resulting from an
  executor's discovery after the date for filing an estate tax return of
  certain assets belonging to the decedent held by the state comptroller
  as abandoned property; and to amend chapter 389 of the  laws  of  1997
  amending  the  tax  law and other laws relating to the estate and gift
  tax, and chapter 190 of the laws of 1990 amending the tax law relating
  to certain taxes, fees, and other impositions, in relation to rates of
  interest for certain estates

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. The tax law is amended by adding a new section 991 to read
as follows:
  S 991. INTEREST ACCRUAL RELIEF  FOR  ADDITIONAL  TAX  ATTRIBUTABLE  TO
NEWLY-DISCOVERED ABANDONED PROPERTY. NOTWITHSTANDING ANY OTHER PROVISION
OF  LAW,  IN COMPUTING THE INTEREST DUE ON AN ADDITION TO TAX OWED BY AN
ESTATE ATTRIBUTABLE TO THE  INCLUSION  IN  THE  ESTATE'S  FEDERAL  GROSS
ESTATE  OF  AN  ASSET HELD BY THE COMPTROLLER AS ABANDONED PROPERTY, THE
COMMISSIONER SHALL APPLY THE INTEREST  RATE  USED  BY  THE  COMPTROLLER,
PURSUANT TO SECTION FOURTEEN HUNDRED FIVE OF THE ABANDONED PROPERTY LAW,
IN  COMPUTING  THE  INTEREST DUE ON SUCH ABANDONED PROPERTY WHILE IN THE
COMPTROLLER'S POSSESSION (INCLUDING A ZERO RATE IF THE  COMPTROLLER  DID
NOT PAY INTEREST ON SUCH PROPERTY) IF, AS OF THE DATE PRESCRIBED FOR THE
FILING  OF  A  RETURN REQUIRED BY THIS ARTICLE, INCLUDING ANY EXTENSIONS
GRANTED FOR FILING, INFORMATION PERTAINING TO  THE  ASSET  HAD  NOT  YET
APPEARED  IN  THE  PUBLIC  RECORDS  OF ABANDONED PROPERTY REQUIRED TO BE
MAINTAINED BY THE COMPTROLLER PURSUANT TO SECTION FOURTEEN  HUNDRED  ONE
OF THE ABANDONED PROPERTY LAW.

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.