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Assembly Bill A9471

2015-2016 Legislative Session

Relates to the estate tax where such estate includes a farm operation

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Archive: Last Bill Status - In Assembly Committee

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2015-A9471 (ACTIVE) - Details

See Senate Version of this Bill:
S6706
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง952, Tax L
Versions Introduced in 2017-2018 Legislative Session:
A5054, S2908

2015-A9471 (ACTIVE) - Summary

Makes provisions, in the case of a decedent dying on or after April 1, 2016, where the decedent's estate includes a farm operation valued at more than fifty percent of the value of the entire estate at the time of death, to provide the basic exclusion shall be equal to five million dollars multiplied by one plus the cost-of-living adjustment.

2015-A9471 (ACTIVE) - Bill Text download pdf 

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

                                  9471

                          I N  A S S E M B L Y

                              March 8, 2016
                               ___________

Introduced  by M. of A. MAGEE -- read once and referred to the Committee
  on Ways and Means

AN ACT to amend the tax law, in relation to the  estate  tax  where  the
  estate includes a farm operation

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

  Section 1. Subparagraph (B)  of  paragraph  2  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:
  (B) In the case of any decedent dying in a calendar year beginning  on
or after January first, two thousand nineteen, OR IN THE CASE OF A DECE-
DENT  DYING  ON  AND  AFTER APRIL FIRST, TWO THOUSAND SIXTEEN, WHERE THE
ESTATE INCLUDES A FARM OPERATION, AS DEFINED IN  SECTION  THREE  HUNDRED
ONE OF THE AGRICULTURE AND MARKETS LAW, AND THE VALUE OF THE FARM OPERA-
TION IS MORE THAN FIFTY PERCENT OF THE VALUE OF THE ENTIRE ESTATE AT THE
TIME OF DEATH the basic exclusion amount shall be equal to:
  (i) five million dollars, multiplied by
  (ii)  one  plus  the  cost-of-living  adjustment,  which  shall be the
percentage by which the consumer price index for the preceding  calendar
year  exceeds  the  consumer  price index for calendar year two thousand
ten.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14022-01-6

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