| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Feb 25, 2016 | referred to ways and means delivered to assembly passed senate |
| Feb 08, 2016 | ordered to third reading cal.149 referred to rules |
senate Bill S6706
2015-2016 Legislative Session
Sponsored By
Patty Ritchie
(R, C, IP) 0 Senate District
Archive: Last Bill Status - Passed Senate
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Co-Sponsors
Thomas F. O'Mara
(R, C) 58th Senate District
Sue Serino
(R, C, IP) 0 Senate District
S6706 (ACTIVE) - Details
S6706 (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.
S6706 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6706 TITLE OF BILL : An act to amend the tax law, in relation to the estate tax where the estate includes a farm operation PURPOSE : To allow estates that include farm operations, where the value of the farm operations are a majority of the estate, to have an exclusion amount equal to the federal exclusion amount starting April 1, 2016. SUMMARY OF PROVISIONS : Section one amends the Estate Tax Section 952 of the tax law to accelerate by three years the increase of the exemption level to equal the federal exemption level for estates that mainly consist of a farm operations. Section two is the effective date. JUSTIFICATION : Lowering New York's estate tax is necessary to preserve the tradition of family farming by making it easier to transfer farm businesses to the next generation. This bill will advance a plan to eliminate the estate tax on farms valued up to the federal exemption amount of $5.45
S6706 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
6706
I N S E N A T E
February 8, 2016
___________
Introduced by Sen. RITCHIE -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
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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