S T A T E O F N E W Y O R K
________________________________________________________________________
2332
2023-2024 Regular Sessions
I N A S S E M B L Y
January 25, 2023
___________
Introduced by M. of A. WALSH, MORINELLO, HAWLEY, BARCLAY, BLANKENBUSH,
BRABENEC, TAGUE -- Multi-Sponsored by -- M. of A. ANGELINO, BYRNES,
GALLAHAN, MANKTELOW -- read once and referred to the Committee on Ways
and Means
AN ACT to amend 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 Article 26 of the tax law is REPEALED.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 chapter 639 of the laws of 1986
and such section as renumbered by 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.
LBD02670-01-3