Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to investigations and government operations returned to senate died in assembly |
Jun 20, 2017 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.2067 committee discharged and committed to rules |
Jun 14, 2017 |
print number 6320b |
Jun 14, 2017 |
amend and recommit to investigations and government operations |
Jun 08, 2017 |
print number 6320a |
Jun 08, 2017 |
amend and recommit to investigations and government operations |
May 11, 2017 |
referred to investigations and government operations |
Senate Bill S6320B
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Bill Amendments
2017-S6320 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §952, Tax L
2017-S6320 - Sponsor Memo
BILL NUMBER: S6320 TITLE OF BILL : An act to amend the tax law, in relation to the rate of the estate tax PURPOSE OR GENERAL IDEA OF BILL : This bill will remove the estate tax "cliff" enacted by Chapter 59 of the Laws of 2014. As enacted, this chapter requires estates that exceed the exclusion amount by over five percent (5%) to lose any exemption from taxes. The result is that estates with a value over one hundred and five percent (105%) of the current exclusion amount are taxed on their full value, not just the value in excess of the exclusion amount. Estates that exceed the exclusion amount by five percent (5%) or less are subject to a complex calculation to determine the amount of estate tax due. Such a tax is patently unfair as it results in a marginal tax rate in excess of one hundred percent (100%). This new bill will remedy this unfairness by limiting taxation to the portion of the taxable estate that exceeds the exclusion amount. SUMMARY OF SPECIFIC PROVISIONS : 1. Section 1.Subsection (b) of section 952 of the tax law, as amended by section 2 of part X of chapter 59 of the laws of 2014, is amended
2017-S6320 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6320 2017-2018 Regular Sessions I N S E N A T E May 11, 2017 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations 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
2017-S6320A - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §952, Tax L
2017-S6320A - Sponsor Memo
BILL NUMBER: S6320A TITLE OF BILL : An act to amend the tax law, in relation to the rate of the estate tax PURPOSE OR GENERAL IDEA OF BILL : This bill will remove the estate tax "cliff" enacted by Chapter 59 of the Laws of 2014. Current law requires estates that exceed the exclusion amount by over five percent (5%) to lose any exemption from taxes. The result is that estates with a value over one hundred and five percent (105%) of the current exclusion amount are taxed on their full value, not just the value in excess of the exclusion amount. Estates that exceed the exclusion amount by five percent (5%) or less are subject to a complex calculation to determine the amount of estate tax due. Such a tax is patently unfair as it results in a marginal tax rate in excess of one hundred percent (100%). This new bill will remedy this unfairness by limiting taxation to the portion of the taxable estate that exceeds the exclusion amount. SUMMARY OF SPECIFIC PROVISIONS : 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 by removing the language that created the estate tax
2017-S6320A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6320--A 2017-2018 Regular Sessions I N S E N A T E May 11, 2017 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 applica- ble 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. LBD01753-02-7
2017-S6320B (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §952, Tax L
2017-S6320B (ACTIVE) - Sponsor Memo
BILL NUMBER: S6320B TITLE OF BILL : An act to amend the tax law, in relation to the rate of the estate tax PURPOSE : This bill will remove the estate tax "cliff" enacted by Chapter 59 of the Laws of 2014. Current law requires estates that exceed the exclusion amount by over five percent (5%) to lose any exemption from taxes. The result is that estates with a value over one hundred and five percent (105%) of the current exclusion amount are taxed on their full value, not just the value in excess of the exclusion amount. Estates that exceed the exclusion amount by five percent (5%) or less are subject to a complex calculation to determine the amount of estate tax due. Such a tax is patently unfair as it results in a marginal tax rate in excess of one hundred percent (100%). This new bill will remedy this unfairness by limiting taxation to the portion of the taxable estate that exceeds the exclusion amount. SUMMARY OF PROVISIONS : 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 by removing the language that created the estate tax "cliff", and has the estate tax apply to the value of estates only
2017-S6320B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6320--B 2017-2018 Regular Sessions I N S E N A T E May 11, 2017 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 applica- ble 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] WAS 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.
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