Assembly Actions -
Senate Actions - UPPERCASE
|Jan 24, 2023||
referred to budget and revenue
Senate Bill S2782
2023-2024 Legislative Session
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2023-S2782 (ACTIVE) - Details
2023-S2782 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2782 SPONSOR: BRISPORT TITLE OF BILL: 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 SUMMARY OF PROVISIONS: This act amends the tax law to reform the system for taxing inherited wealth by changing the estate tax rates and brackets, introducing a gift tax, and introducing a tax on inherited income, both as a source of funding for general governmental purposes and in order to help reduce racial and economic inequality, the continued growth of which poses an increasingly serious challenge to the maintenance of a stable democratic society. Section 1 of the bill adds a new sections 604 and 604-a to the tax law to create a separate tax within the personal income tax on inheritance income received from an estate, and adds a new section 604-A to the tax law to create a separate tax within the personal income tax on gift
2023-S2782 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2782 2023-2024 Regular Sessions I N S E N A T E January 24, 2023 ___________ Introduced by Sens. BRISPORT, BRESLIN, BROUK, COMRIE, COONEY, GIANARIS, HOYLMAN-SIGAL, JACKSON, LIU, MAY, MYRIE, PARKER, RAMOS, RIVERA, SALA- ZAR, SANDERS, SEPULVEDA, SERRANO, SKOUFIS -- 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, 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 SHALL HAVE THE FOLLOWING MEANINGS: (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. LBD03717-01-3
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