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 Article 26 of the tax law is REPEALED.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