senate Bill S6153

2013-2014 Legislative Session

Relates to raising the amount of the New York state estate tax exemption from one million dollars to five million dollars

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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
Jan 08, 2014 referred to investigations and government operations

S6153 - Bill Details

See Assembly Version of this Bill:
A3363
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง951, Tax L

S6153 - Bill Texts

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Relates to raising the amount of the New York state estate tax exemption from one million to five million dollars.

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BILL NUMBER:S6153

TITLE OF BILL: An act to amend the tax law, in relation to raising the
amount of the New York state estate tax exemption from one million
dollars to five million dollars

PURPOSE OR GENERAL IDEA OF BILL:

The purpose of the bill is increase the amount of estate tax exemption
from $1 million to $5 million in order to conform with the current
federal applicable exclusion.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 of the bill amends subsection (a) of section 951 of the tax
law by increasing the estate tax exemption to match the federal applica-
ble exclusion amount of $5 million.

Section 2 of the bill sets forth an immediate effective date.

JUSTIFICATION:

The New York State estate tax law only conforms to the federal estate
tax laws that were enacted before 1998. They have not changed since
then, especially not after the Economic Growth and Tax Relief Reconcil-
iation Act of 2001 was enacted.

The current New York State Estate Tax penalizes family owned and close-
ly-held businesses throughout the state, which has caused a state exodus
of many of our brightest business minds and the capital they possess to
other states within the country. This is the very capital necessary to
create new technologies, new businesses, and new jobs.

This legislation would increase the estate tax threshold from one
million to five million dollars (the current Federal Estate Tax thresh-
old).

Increasing the threshold of the estate tax will encourage
residents/small businesses, to remain living and doing business in New
York.

PRIOR LEGISLATIVE HISTORY:

A3363/2013 (Tenney)

FISCAL IMPLICATIONS:

To Be Determined.

EFFECTIVE DATE:

This act shall take effect immediately.

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

                                  6153

                            I N  S E N A T E

                               (PREFILED)

                             January 8, 2014
                               ___________

Introduced  by  Sen.  AVELLA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to raising the  amount  of  the
  New  York  state estate tax exemption from one million dollars to five
  million dollars

  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] FIVE million dollars.
  S 2. This act shall take effect immediately and  shall  apply  to  all
estates submitted to probate after this act shall have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03167-01-3

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