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Assembly Bill A3667

2015-2016 Legislative Session

Relates to making the New York state estate tax exemption five million dollars

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Archive: Last Bill Status - In Assembly Committee

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2015-A3667 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง951, Tax L
Versions Introduced in 2013-2014 Legislative Session:
A3363

2015-A3667 (ACTIVE) - Summary

Relates to making the the New York state estate tax exemption five million dollars.

2015-A3667 (ACTIVE) - Bill Text download pdf 

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

                                  3667

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2015
                               ___________

Introduced  by  M. of A. TENNEY, HAWLEY, LALOR, FINCH -- Multi-Sponsored
  by -- M. of A. DUPREY, GARBARINO -- read  once  and  referred  to  the
  Committee on Ways and Means

AN ACT to amend the tax law, in relation to making the amount of the New
  York state estate tax exemption 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 X of chapter 59 of the laws of  2014,  is  amended  to
read as follows:
  (a)  General.    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 January first, two thou-
sand fourteen 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 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.
                                                           LBD07914-01-5

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