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Assembly Bill A5054A

2017-2018 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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Bill Amendments

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2017-A5054 - Details

See Senate Version of this Bill:
S2908
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §952, Tax L
Versions Introduced in 2015-2016 Legislative Session:
A9471, S6706

2017-A5054 - Summary

Makes provisions, in the case of a decedent dying on or after April 1, 2018, 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.

2017-A5054 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5054
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 6, 2017
                                ___________
 
 Introduced  by M. of A. MAGEE, DiPIETRO -- 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 SEVENTEEN, 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.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08215-01-7

co-Sponsors

multi-Sponsors

2017-A5054A (ACTIVE) - Details

See Senate Version of this Bill:
S2908
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §952, Tax L
Versions Introduced in 2015-2016 Legislative Session:
A9471, S6706

2017-A5054A (ACTIVE) - Summary

Makes provisions, in the case of a decedent dying on or after April 1, 2018, 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.

2017-A5054A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5054--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 6, 2017
                                ___________
 
 Introduced  by  M.  of  A. MAGEE, DiPIETRO, BLANKENBUSH -- read once and
   referred to the Committee on Ways and  Means  --  recommitted  to  the
   Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted to said committee

 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 EIGHTEEN, 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.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08215-03-8

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