assembly Bill A4643A

2021-2022 Legislative Session

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

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Sponsored By

Current Bill Status - In Assembly 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 (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 10, 2021 print number 4643a
Feb 10, 2021 amend (t) and recommit to ways and means
Feb 04, 2021 referred to ways and means

Co-Sponsors

A4643 - Details

See Senate Version of this Bill:
S3462
Law Section:
Tax Law
Laws Affected:
Amd Tax L, generally

A4643 - 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.

A4643 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4643
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2021
                                ___________
 
 Introduced  by M. of A. SOLAGES -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to creating a separate  tax  on
   inheritance income, creating a separate tax on gift income, the compu-
   tation of the estate tax, and creating 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 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.
                                                            LBD08928-01-1

Co-Sponsors

view additional co-sponsors

A4643A (ACTIVE) - Details

See Senate Version of this Bill:
S3462
Law Section:
Tax Law
Laws Affected:
Amd Tax L, generally

A4643A (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.

A4643A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4643--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2021
                                ___________
 
 Introduced  by  M.  of A. SOLAGES, DE LA ROSA, GONZALEZ-ROJAS, L. ROSEN-
   THAL, SEAWRIGHT, BICHOTTE HERMELYN, THIELE -- read once  and  referred
   to  the  Committee  on  Ways  and  Means -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee

 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.