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Assembly Bill A6419

2015-2016 Legislative Session

Sets the rate of taxation on estates

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Archive: Last Bill Status - In Assembly Committee

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2015-A6419 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง952, Tax L
Versions Introduced in 2017-2018 Legislative Session:
A1522

2015-A6419 (ACTIVE) - Summary

Sets the rate of taxation on estates.

2015-A6419 (ACTIVE) - Bill Text download pdf 

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

                                  6419

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 24, 2015
                               ___________

Introduced  by  M.  of  A. BRAUNSTEIN, SIMOTAS, SIMANOWITZ, SCHIMMINGER,
  ABINANTI, OTIS, MOSLEY, ZEBROWSKI, GALEF, STIRPE, SCHIMEL, BROOK-KRAS-
  NY -- Multi-Sponsored by -- M. of A. ARROYO, DenDEKKER, GLICK,  LUPAR-
  DO, SOLAGES, THIELE -- read once and referred to the Committee on Ways
  and Means

AN ACT to amend the tax law, in relation to the rate of the estate tax

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

  Section 1. Paragraph 1 of subsection (c) of section  952  of  the  tax
law,  as added by section 2 of part X of chapter 59 of the laws of 2014,
is amended to read as follows:
  (1) A credit of the applicable credit amount shall be allowed  against
the  tax  imposed by this section as provided in this subsection. In the
case of a decedent whose New York taxable estate is less than  or  equal
to the basic exclusion amount, the applicable credit amount shall be the
amount  of tax that would be due under subsection (b) of this section on
such decedent's New York taxable estate. [In  the  case  of  a  decedent
whose  New  York taxable estate exceeds the basic exclusion amount by an
amount that is less than or equal to five percent of  such  amount,  the
applicable  credit  amount  shall be the amount of tax that would be due
under subsection (b) of this section if the amount on which the  tax  is
to  be  computed  were equal to the basic exclusion amount multiplied by
one minus a fraction, the numerator of which is the decedent's New  York
taxable  estate minus the basic exclusion amount, and the denominator of
which is five percent of the basic exclusion amount.] Provided, however,
that the credit allowed by this subsection  shall  not  exceed  the  tax
imposed  by  this section[, and no credit shall be allowed to the estate
of any decedent whose New York taxable estate exceeds one  hundred  five
percent of the basic exclusion amount].
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06655-02-5

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