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Assembly Bill A1522

2017-2018 Legislative Session

Sets the rate of taxation on estates

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Archive: Last Bill Status - In Assembly Committee

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2017-A1522 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §952, Tax L
Versions Introduced in 2015-2016 Legislative Session:
A6419

2017-A1522 (ACTIVE) - Summary

Sets the rate of taxation on estates.

2017-A1522 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1522
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 12, 2017
                                ___________
 
 Introduced  by  M.  of  A. BRAUNSTEIN, SIMOTAS, SIMANOWITZ, SCHIMMINGER,
   ABINANTI, OTIS, MOSLEY, ZEBROWSKI, GALEF, STIRPE, O'DONNELL --  Multi-
   Sponsored  by -- M.  of A. ARROYO, DenDEKKER, GLICK, LUPARDO, 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].
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01753-01-7

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