Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to judiciary returned to senate died in assembly |
Jun 11, 2015 |
referred to judiciary delivered to assembly passed senate |
Jun 02, 2015 |
advanced to third reading |
Jun 01, 2015 |
2nd report cal. |
May 28, 2015 |
1st report cal.1042 |
May 20, 2015 |
referred to judiciary |
Senate Bill S5620
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2015-S5620 (ACTIVE) - Details
- Current Committee:
- Senate Judiciary
- Law Section:
- Estates, Powers and Trusts Law
- Laws Affected:
- Amd §11-A-4.4, EPT L
- Versions Introduced in 2017-2018 Legislative Session:
-
S4866
2015-S5620 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5620 TITLE OF BILL: An act to amend the estates, powers and trusts law, in relation to trust accounting income and principal This is one in a series of measures being introduced at the request of the Chief Administrative Judge upon the recommendation of her Surrogate's Court Advisory Committee. Recent increases in tax rates applicable to realized capital gains and the enactment of the new 3.8% tax on undistributed net investment income (which includes realized capital gains) have made it increasingly important that, in order to achieve results which are reasonable and impartial to all beneficiaries, a trustee be able to effectively determine whether the realized capital gains of a trust are taxed to the current beneficiaries or to the trust (i.e., in essence to the remainder beneficiaries). Accordingly, this measure would amend the New York Principal and Income Act (EPTL Article 11-A) to make clear that, unless the instrument provides otherwise, a trustee has the powers set forth in the regulations which would permit a reasonable and impartial allocation of realized capital gains to income and thereby permit the trustee to determine the incidence of such gains in a reasonable and
2015-S5620 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5620 2015-2016 Regular Sessions I N S E N A T E May 20, 2015 ___________ Introduced by Sen. BONACIC -- (at request of the Office of Court Admin- istration) -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the estates, powers and trusts law, in relation to trust accounting income and principal THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 2 of section 11-A-4.4 of the estates, powers and trusts law, as added by chapter 243 of the laws of 2001, is amended to read as follows: (2) money or other property received from the sale, exchange, liqui- dation, or change in form of a principal asset, including realized profit, subject to this part; PROVIDED, HOWEVER, THAT A TRUSTEE MAY, IN A REASONABLE AND IMPARTIAL EXERCISE OF DISCRETION, ALLOCATE TO INCOME GAINS FROM THE SALE OR EXCHANGE OF A CAPITAL ASSET (AS DEFINED IN SECTION 1221 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED) TO THE EXTENT THAT PRINCIPAL IS RE-CHARACTERIZED AS INCOME BY THE EXERCISE OF THE POWER TO ADJUST UNDER SUBPARAGRAPH 11-2.3(B)(5), AND PROVIDED FURTHER, HOWEVER, THAT A TRUSTEE WHO HAS AN UNLIMITED DISCRETIONARY POWER TO DISTRIBUTE PRINCIPAL MAY, IN A REASONABLE AND IMPARTIAL EXER- CISE OF DISCRETION, ALLOCATE TO INCOME ANY OR ALL GAINS FROM THE SALE OR EXCHANGE OF A CAPITAL ASSET (AS DEFINED IN SECTION 1221 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED); S 2. This act shall take effect immediately and shall apply to all trusts. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08832-01-5
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