senate Bill S1516

2021-2022 Legislative Session

Repeals article 26 of the tax law known as the estate tax

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 12, 2021 referred to budget and revenue

S1516 (ACTIVE) - Details

See Assembly Version of this Bill:
A3026
Current Committee:
Senate Budget And Revenue
Law Section:
New York City Administrative Code
Laws Affected:
Rpld Art 26, Tax L; amd §11-1712, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2009-2010: A10530
2011-2012: A1514
2013-2014: A6209
2015-2016: A5432
2017-2018: S2884, A8591
2019-2020: S1157, A922

S1516 (ACTIVE) - Summary

Repeals the estate tax.

S1516 (ACTIVE) - Sponsor Memo

S1516 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1516
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2021
                                ___________
 
 Introduced  by  Sen. TEDISCO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law and the administrative code of the  city  of
   New  York, in relation to taxable estates; and to repeal article 26 of
   the tax law relating thereto

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Article 26 of the tax law is REPEALED.
   §  2. Subdivision (r) of section 11-1712 of the administrative code of
 the city of New York, as relettered by section 60 of chapter 639 of  the
 laws of 1986 and such section as renumbered by section 43 of chapter 639
 of the laws of 1986, is amended to read as follows:
   (r)  In  the  case of a sale or other disposition of property acquired
 from a decedent and valued by the executor of the estate of  such  dece-
 dent  [for  the  purposes of the tax under article twenty-six of the tax
 law (i) pursuant to paragraph two of  subsection  (b)  of  section  nine
 hundred  fifty-four  of  the  tax  law, or (ii) pursuant to section nine
 hundred fifty-four-a of the tax law,] where such estate was insufficient
 to require the filing of a federal estate tax return, the amount  neces-
 sary to properly reflect the gain or loss from such sale or other dispo-
 sition  which  would have been realized under this chapter, had[, in the
 case of clause (i) of this subdivision,] a  federal  estate  tax  return
 been filed similarly valuing such property pursuant to section two thou-
 sand  thirty-two of the internal revenue code, or [in the case of clause
 (ii) of this subdivision,] pursuant to section two thousand thirty-two-A
 of such code.
   § 3. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03920-01-1

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