senate Bill S5620

2015-2016 Legislative Session

Allows trustee to allocate to income gains from the sale or exchange of a capital asset to the extent the principal is re-characterized as income

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
You must fill out the form below in order to support or oppose this bill. X

Actions

view actions (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to judiciary
returned to senate
died in assembly
Jun 11, 2015 referred to judiciary
delivered to assembly
passed senate
Jun 02, 2015 advanced to third reading
Jun 01, 2015 2nd report cal.
May 28, 2015 1st report cal.1042
May 20, 2015 referred to judiciary

S5620 - Details

Current Committee:
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §11-A-4.4, EPT L

S5620 - Summary

Allows a trustee to allocate to income gains from the sale or exchange of a capital asset to the extent the principal is re-characterized as income.

S5620 - Sponsor Memo

S5620 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5620

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 20, 2015
                               ___________

Introduced  by Sen. BONACIC -- (at request of the Office of Court Admin-
  istration) -- read twice and ordered printed, and when printed  to  be
  committed to the Committee on Judiciary

AN ACT to amend the estates, powers and trusts law, in relation to trust
  accounting income and principal

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph 2 of section 11-A-4.4 of the estates, powers  and
trusts  law,  as added by chapter 243 of the laws of 2001, is amended to
read as follows:
  (2) money or other property received from the sale,  exchange,  liqui-
dation,  or  change  in  form  of  a principal asset, including realized
profit, subject to this part; PROVIDED, HOWEVER, THAT A TRUSTEE MAY,  IN
A  REASONABLE  AND  IMPARTIAL EXERCISE OF DISCRETION, ALLOCATE TO INCOME
GAINS FROM THE SALE OR EXCHANGE  OF  A  CAPITAL  ASSET  (AS  DEFINED  IN
SECTION  1221  OF  THE INTERNAL REVENUE CODE OF 1986, AS AMENDED) TO THE
EXTENT THAT PRINCIPAL IS RE-CHARACTERIZED AS INCOME BY THE  EXERCISE  OF
THE  POWER  TO  ADJUST  UNDER  SUBPARAGRAPH  11-2.3(B)(5),  AND PROVIDED
FURTHER, HOWEVER, THAT A TRUSTEE  WHO  HAS  AN  UNLIMITED  DISCRETIONARY
POWER  TO  DISTRIBUTE PRINCIPAL MAY, IN A REASONABLE AND IMPARTIAL EXER-
CISE OF DISCRETION, ALLOCATE TO INCOME ANY OR ALL GAINS FROM THE SALE OR
EXCHANGE OF A CAPITAL ASSET (AS DEFINED IN SECTION 1221 OF THE  INTERNAL
REVENUE CODE OF 1986, AS AMENDED);
  S  2.  This  act  shall take effect immediately and shall apply to all
trusts.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08832-01-5

senate Bill S5502A

2015-2016 Legislative Session

Relates to making certain technical corrections

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
You must fill out the form below in order to support or oppose this bill. X

Actions

view actions (18)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 02, 2016 referred to judiciary
delivered to assembly
passed senate
Jun 01, 2016 advanced to third reading
May 25, 2016 2nd report cal.
May 24, 2016 1st report cal.1129
Jan 06, 2016 referred to judiciary
returned to senate
died in assembly
Jun 11, 2015 referred to judiciary
delivered to assembly
passed senate
Jun 08, 2015 advanced to third reading
Jun 03, 2015 2nd report cal.
Jun 02, 2015 1st report cal.1227
May 27, 2015 print number 5502a
May 27, 2015 amend and recommit to judiciary
May 14, 2015 referred to judiciary

Bill Amendments

S5502
S5502A
S5502
S5502A

S5502 - Details

Current Committee:
Law Section:
Uniform Commercial Code
Laws Affected:
Amd §§4-A-105, 4-A-106, 4-A-204, 5--103, 9--406, 9--408, 9--516, 9--518 & 9--521, UCC; amd R4518, CPLR; amd §200, Lien L; amd §§5-1401 & 7-101, Gen Ob L; amd §§138 & 204-a, Bank L; amd §11.01, Arts & Cul L; amd §331 & 500, Pers Prop L; amd §399-w, Gen Bus L; amd §51, Chap 505 of 2014

S5502 - Summary

Relates to making certain technical corrections relating to the UCC revisions.

S5502 - Sponsor Memo

S5502 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5502

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

AN ACT to amend the uniform commercial code, the civil practice law  and
  rules, the lien law, the general obligations law, the banking law, the
  general  business  law,  the  arts  and  cultural  affairs law and the
  personal property law, in relation to making technical corrections  to
  conform  with  revisions  to the uniform commercial code; and to amend
  chapter 505 of the laws of 2014 amending the uniform  commercial  code
  relating  to modernizing commercial law in New York state, in relation
  to making technical amendments thereto

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph  (g)  of subsection 1 of section 4-A-105 of the
uniform commercial code, as added by chapter 208 of the laws of 1990, is
amended to read as follows:
(g) "Prove" with respect to a fact means to meet the  burden  of  estab-
       lishing the fact (subsection (B)(8) of section [1-201] 1--201).
  S  2.  Subsection 1 of section 4-A-106 of the uniform commercial code,
as added by chapter 208 of the laws of  1990,  is  amended  to  read  as
follows:
  (1) The time of receipt of a payment order or communication cancelling
or  amending  a  payment  order is determined by the rules applicable to
receipt of a notice stated  in  [subsection  (27)  of]  Section  [1-201]
1--202.    A  receiving bank may fix a cut-off time or times on a funds-
transfer business day for the receipt and processing of  payment  orders
and  communications  cancelling  or  amending  payment orders. Different
cut-off times may apply to payment orders, cancellations, or amendments,
or to different categories of payment orders, cancellations,  or  amend-
ments.  A  cut-off time may apply to senders generally or different cut-
off times may apply  to  different  senders  or  categories  of  payment
orders.  If  a  payment  order or communication cancelling or amending a

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07881-04-5

S5502A - Details

Current Committee:
Law Section:
Uniform Commercial Code
Laws Affected:
Amd §§4-A-105, 4-A-106, 4-A-204, 5--103, 9--406, 9--408, 9--516, 9--518 & 9--521, UCC; amd R4518, CPLR; amd §200, Lien L; amd §§5-1401 & 7-101, Gen Ob L; amd §§138 & 204-a, Bank L; amd §11.01, Arts & Cul L; amd §331 & 500, Pers Prop L; amd §399-w, Gen Bus L; amd §51, Chap 505 of 2014

S5502A - Summary

Relates to making certain technical corrections relating to the UCC revisions.

S5502A - Sponsor Memo

S5502A - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5502--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Judiciary  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT to amend the uniform commercial code, the civil practice law and
  rules, the lien law, the general obligations law, the banking law, the
  general business law, the  arts  and  cultural  affairs  law  and  the
  personal  property law, in relation to making technical corrections to
  conform with revisions to the uniform commercial code;  and  to  amend
  chapter  505  of the laws of 2014 amending the uniform commercial code
  relating to modernizing commercial law in New York state, in  relation
  to making technical amendments thereto

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (g) of subsection 1 of  section  4-A-105  of  the
uniform commercial code, as added by chapter 208 of the laws of 1990, is
amended to read as follows:
(g) "Prove"  with  respect  to a fact means to meet the burden of estab-
       lishing the fact (subsection (B)(8) of section [1-201] 1--201).
  S 2. Subsection 1 of section 4-A-106 of the uniform  commercial  code,
as  added  by  chapter  208  of  the laws of 1990, is amended to read as
follows:
  (1) The time of receipt of a payment order or communication cancelling
or amending a payment order is determined by  the  rules  applicable  to
receipt  of  a  notice  stated  in  [subsection (27) of] Section [1-201]
1--202.  A receiving bank may fix a cut-off time or times  on  a  funds-
transfer  business  day for the receipt and processing of payment orders
and communications cancelling  or  amending  payment  orders.  Different
cut-off times may apply to payment orders, cancellations, or amendments,
or  to  different categories of payment orders, cancellations, or amend-
ments. A cut-off time may apply to senders generally or  different  cut-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07881-05-5

senate Bill S5502

2015-2016 Legislative Session

Relates to making certain technical corrections

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
You must fill out the form below in order to support or oppose this bill. X

Actions

view actions (18)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 02, 2016 referred to judiciary
delivered to assembly
passed senate
Jun 01, 2016 advanced to third reading
May 25, 2016 2nd report cal.
May 24, 2016 1st report cal.1129
Jan 06, 2016 referred to judiciary
returned to senate
died in assembly
Jun 11, 2015 referred to judiciary
delivered to assembly
passed senate
Jun 08, 2015 advanced to third reading
Jun 03, 2015 2nd report cal.
Jun 02, 2015 1st report cal.1227
May 27, 2015 print number 5502a
May 27, 2015 amend and recommit to judiciary
May 14, 2015 referred to judiciary

Bill Amendments

S5502
S5502A
S5502
S5502A

S5502 - Details

Current Committee:
Law Section:
Uniform Commercial Code
Laws Affected:
Amd §§4-A-105, 4-A-106, 4-A-204, 5--103, 9--406, 9--408, 9--516, 9--518 & 9--521, UCC; amd §4518, CPLR L; amd §200, Lien L; amd §§5-1401 & 7-101, Gen Ob L; amd §§138 & 204-a, Bank L; amd §11.01, Arts & Cul L; amd §331 & 500, Pers Prop L; amd §399-w, Gen Bus L; amd §51, Chap 505 of 2014

S5502 - Summary

Relates to making certain technical corrections relating to the UCC revisions.

S5502 - Sponsor Memo

S5502 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5502

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

AN ACT to amend the uniform commercial code, the civil practice law  and
  rules, the lien law, the general obligations law, the banking law, the
  general  business  law,  the  arts  and  cultural  affairs law and the
  personal property law, in relation to making technical corrections  to
  conform  with  revisions  to the uniform commercial code; and to amend
  chapter 505 of the laws of 2014 amending the uniform  commercial  code
  relating  to modernizing commercial law in New York state, in relation
  to making technical amendments thereto

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph  (g)  of subsection 1 of section 4-A-105 of the
uniform commercial code, as added by chapter 208 of the laws of 1990, is
amended to read as follows:
(g) "Prove" with respect to a fact means to meet the  burden  of  estab-
       lishing the fact (subsection (B)(8) of section [1-201] 1--201).
  S  2.  Subsection 1 of section 4-A-106 of the uniform commercial code,
as added by chapter 208 of the laws of  1990,  is  amended  to  read  as
follows:
  (1) The time of receipt of a payment order or communication cancelling
or  amending  a  payment  order is determined by the rules applicable to
receipt of a notice stated  in  [subsection  (27)  of]  Section  [1-201]
1--202.    A  receiving bank may fix a cut-off time or times on a funds-
transfer business day for the receipt and processing of  payment  orders
and  communications  cancelling  or  amending  payment orders. Different
cut-off times may apply to payment orders, cancellations, or amendments,
or to different categories of payment orders, cancellations,  or  amend-
ments.  A  cut-off time may apply to senders generally or different cut-
off times may apply  to  different  senders  or  categories  of  payment
orders.  If  a  payment  order or communication cancelling or amending a

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07881-04-5

S5502A - Details

Current Committee:
Law Section:
Uniform Commercial Code
Laws Affected:
Amd §§4-A-105, 4-A-106, 4-A-204, 5--103, 9--406, 9--408, 9--516, 9--518 & 9--521, UCC; amd §4518, CPLR L; amd §200, Lien L; amd §§5-1401 & 7-101, Gen Ob L; amd §§138 & 204-a, Bank L; amd §11.01, Arts & Cul L; amd §331 & 500, Pers Prop L; amd §399-w, Gen Bus L; amd §51, Chap 505 of 2014

S5502A - Summary

Relates to making certain technical corrections relating to the UCC revisions.

S5502A - Sponsor Memo

S5502A - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5502--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Judiciary  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT to amend the uniform commercial code, the civil practice law and
  rules, the lien law, the general obligations law, the banking law, the
  general business law, the  arts  and  cultural  affairs  law  and  the
  personal  property law, in relation to making technical corrections to
  conform with revisions to the uniform commercial code;  and  to  amend
  chapter  505  of the laws of 2014 amending the uniform commercial code
  relating to modernizing commercial law in New York state, in  relation
  to making technical amendments thereto

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (g) of subsection 1 of  section  4-A-105  of  the
uniform commercial code, as added by chapter 208 of the laws of 1990, is
amended to read as follows:
(g) "Prove"  with  respect  to a fact means to meet the burden of estab-
       lishing the fact (subsection (B)(8) of section [1-201] 1--201).
  S 2. Subsection 1 of section 4-A-106 of the uniform  commercial  code,
as  added  by  chapter  208  of  the laws of 1990, is amended to read as
follows:
  (1) The time of receipt of a payment order or communication cancelling
or amending a payment order is determined by  the  rules  applicable  to
receipt  of  a  notice  stated  in  [subsection (27) of] Section [1-201]
1--202.  A receiving bank may fix a cut-off time or times  on  a  funds-
transfer  business  day for the receipt and processing of payment orders
and communications cancelling  or  amending  payment  orders.  Different
cut-off times may apply to payment orders, cancellations, or amendments,
or  to  different categories of payment orders, cancellations, or amend-
ments. A cut-off time may apply to senders generally or  different  cut-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07881-05-5

senate Bill S5161

2015-2016 Legislative Session

Relates to authorizing the department of state to provide additional technical assistance to local waterfront revitalization programs and to increase the state allowable share of associated costs

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
You must fill out the form below in order to support or oppose this bill. X

Actions

view actions (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to environmental conservation
returned to senate
died in assembly
Jun 11, 2015 referred to environmental conservation
delivered to assembly
passed senate
Jun 02, 2015 advanced to third reading
Jun 01, 2015 2nd report cal.
May 28, 2015 1st report cal.1084
May 05, 2015 referred to environmental conservation

S5161 - Details

Current Committee:
Law Section:
Environmental Conservation Law
Laws Affected:
Amd §54-1101, En Con L; amd §§912 & 918, Exec L

S5161 - Summary

Relates to authorizing the department of state to provide additional technical assistance to municipalities developing local waterfront revitalization programs and to increasing the state allowable share of associated costs.

S5161 - Sponsor Memo

S5161 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5161

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               May 5, 2015
                               ___________

Introduced  by Sen. O'MARA -- (at request of the Department of State) --
  read twice and ordered printed, and when printed to  be  committed  to
  the Committee on Environmental Conservation

AN  ACT to amend the environment conservation law and the executive law,
  in relation to authorizing the department of state  to  provide  addi-
  tional  technical assistance to municipalities developing local water-
  front revitalization programs and  to  increase  the  state  allowable
  share of associated costs

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 1  of  section  54-1101  of  the  environmental
conservation  law,  as  amended  by  chapter 355 of the laws of 2014, is
amended to read as follows:
  1. The secretary is authorized to  provide  on  a  competitive  basis,
within  amounts appropriated, state assistance payments AND/OR TECHNICAL
ASSISTANCE to municipalities toward the [cost] DEVELOPMENT of any  local
waterfront  revitalization program, including planning projects to miti-
gate future physical climate risks.   Eligible costs  include  planning,
studies, preparation of local laws, and construction projects.
  S  2.  Subdivision 2 of section 54-1101 of the environmental conserva-
tion law, as amended by chapter 309 of the laws of 1996, is  amended  to
read as follows:
  2.  State  assistance  payments  AND/OR TECHNICAL ASSISTANCE shall not
exceed [fifty] SEVENTY-FIVE percent of the cost of the  program,  EXCEPT
WHERE  THE  MUNICIPALITY  IS  SUBJECT  TO SIGNIFICANT OR MODERATE FISCAL
STRESS AS IDENTIFIED BY THE  STATE  COMPTROLLER,  IN  WHICH  CASE  STATE
ASSISTANCE  PAYMENTS AND/OR TECHNICAL ASSISTANCE SHALL NOT EXCEED NINETY
PERCENT OF THE COST OF THE PROGRAM.  For the purpose of determining  the
amount  of  state  assistance payments, THE costs shall not be more than
the amount set forth in the application for  state  assistance  payments
approved  by  the secretary. The state assistance payments shall be paid

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09634-03-5