Senate Bill S6320B

2017-2018 Legislative Session

Sets the rate of taxation on estates

download bill text pdf

Sponsored By

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

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Bill Amendments

2017-S6320 - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §952, Tax L

2017-S6320 - Summary

Sets the rate of taxation on estates; provides that if the taxable estate exceeds the basic exclusion amount the credit shall be the amount of tax that would be due if the amount on which the tax is to be computed is equal to the basic exclusion amount.

2017-S6320 - Sponsor Memo

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 - Summary

Sets the rate of taxation on estates; provides that if the taxable estate exceeds the basic exclusion amount the credit shall be the amount of tax that would be due if the amount on which the tax is to be computed is equal to the basic exclusion amount.

2017-S6320A - Sponsor Memo

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) - Summary

Sets the rate of taxation on estates; provides that if the taxable estate exceeds the basic exclusion amount the credit shall be the amount of tax that would be due if the amount on which the tax is to be computed is equal to the basic exclusion amount.

2017-S6320B (ACTIVE) - Sponsor Memo

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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