senate Bill S3462

2021-2022 Legislative Session

Establishes separate taxes on inheritance income and on gift income

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 29, 2021 referred to budget and revenue

Co-Sponsors

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S3462 (ACTIVE) - Details

See Assembly Version of this Bill:
A4643
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd Tax L, generally

S3462 (ACTIVE) - Summary

Relates to creating a separate tax on inheritance income, creating a separate tax on gift income, the computation of the estate tax, and creating a gift tax.

S3462 (ACTIVE) - Sponsor Memo

S3462 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3462
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 29, 2021
                                ___________
 
 Introduced by Sens. BRISPORT, SALAZAR -- read twice and ordered printed,
   and when printed to be committed to the Committee on Budget and Reven-
   ue
 
 AN  ACT to amend the tax law, in relation to establishing separate taxes
   on inheritance income and on gift income, amending the estate tax, and
   establishing a gift tax

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The tax law is amended by adding two new sections 604 and
 604-a to read as follows:
   § 604. SEPARATE TAX ON INHERITANCE INCOME. (A)  DEFINITIONS.  FOR  THE
 PURPOSES  OF  THIS SECTION, THE FOLLOWING TERMS HAVE THE FOLLOWING MEAN-
 INGS:
   (1) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (C)  OF  THIS  SECTION,
 "INHERITANCE  INCOME" MEANS ANY INCOME EXCLUDED FOR FEDERAL TAX PURPOSES
 FROM FEDERAL ADJUSTED GROSS INCOME PURSUANT TO SUBSECTION (A) OF SECTION
 ONE HUNDRED TWO OF THE INTERNAL REVENUE CODE THAT IS RECEIVED  FROM  ANY
 ESTATE,  REGARDLESS  OF  THE  RESIDENCE  OF THE DECEDENT OF SUCH ESTATE,
 AFTER THE FEDERAL ESTATE TAX HAS BEEN PAID ON SUCH INCOME.
   (2) "FAMILY MEMBER" MEANS "MEMBER OF  THE  FAMILY"  AS  SUCH  TERM  IS
 DEFINED IN PARAGRAPH (2) OF SUBSECTION (E) OF SECTION TWO THOUSAND THIR-
 TY-TWO-A OF THE INTERNAL REVENUE CODE.
   (B)  IMPOSITION  OF  SEPARATE  TAX.  (1)  IN ADDITION TO ANY OTHER TAX
 IMPOSED BY THIS ARTICLE, THERE IS HEREBY IMPOSED FOR EACH TAXABLE YEAR A
 SEPARATE TAX ON THE TOTAL AMOUNT OF INHERITANCE INCOME RECEIVED FROM ANY
 ESTATE OF A DECEDENT DURING SUCH TAXABLE YEAR BY ANY INDIVIDUAL WHO  WAS
 A NEW YORK STATE RESIDENT ON THE DATE OF DEATH OF SUCH DECEDENT.
   (2)  THE  TAX IMPOSED BY THIS SUBSECTION SHALL BE COMPUTED AS PROVIDED
 IN SECTION SIX HUNDRED TWENTY-FOUR-A OF THIS  ARTICLE  WITH  RESPECT  TO
 RESIDENTS  AND  SECTION  SIX HUNDRED THIRTY-SEVEN-A OF THIS ARTICLE WITH
 RESPECT TO NONRESIDENTS AND PART-YEAR RESIDENTS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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