Assembly Bill A5293A

2013-2014 Legislative Session

Raises the threshold for estate tax under applicable internal revenue code provisions

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2013-A5293 - Details

See Senate Version of this Bill:
S3035
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §951, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A8681, S6015

2013-A5293 - Summary

Raises the threshold for estate tax under applicable internal revenue code provisions; increases to five million dollars over a period of five years.

2013-A5293 - Bill Text download pdf 

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

                                  5293

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 22, 2013
                               ___________

Introduced by M. of A. THIELE -- read once and referred to the Committee
  on Ways and Means

AN  ACT  to  amend the tax law, in relation to raising the threshold for
  estate tax under applicable internal revenue code provisions

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

  Section 1. Subsection (a) of section 951 of the tax law, as amended by
section  1  of  part  T of chapter 57 of the laws of 2010, is amended to
read as follows:
  (a) Dates. For purposes of this article, any reference to the internal
revenue code means the United States Internal Revenue Code of 1986, with
all amendments enacted on or before July twenty-second, nineteen hundred
ninety-eight, and, unless specifically provided otherwise in this  arti-
cle,  any  reference to December thirty-first, nineteen hundred seventy-
six or January first, nineteen hundred seventy-seven  contained  in  the
provisions of such code which are applicable to the determination of the
tax imposed by this article shall be read as a reference to June thirti-
eth,  nineteen  hundred  seventy-eight  or  July first, nineteen hundred
seventy-eight, respectively. Notwithstanding the foregoing, the  unified
credit  against  the  estate tax provided in section two thousand ten of
the internal revenue code shall, for purposes of this  article,  be  the
amount allowable as if the federal applicable exclusion amount were:
  1. one million dollars FOR TAXABLE YEARS PRIOR TO 2013;
  2. TWO MILLION DOLLARS FOR THE TAXABLE YEAR 2013;
  3. THREE MILLION DOLLARS FOR THE TAXABLE YEAR 2014;
  4. FOUR MILLION DOLLARS FOR THE TAXABLE YEAR 2015; AND
  5. FIVE MILLION DOLLARS FOR THE TAXABLE YEAR 2016 AND THEREAFTER.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07808-01-3

co-Sponsors

2013-A5293A (ACTIVE) - Details

See Senate Version of this Bill:
S3035
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §951, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A8681, S6015

2013-A5293A (ACTIVE) - Summary

Raises the threshold for estate tax under applicable internal revenue code provisions; increases to five million dollars over a period of five years.

2013-A5293A (ACTIVE) - Bill Text download pdf 

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

                                 5293--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 22, 2013
                               ___________

Introduced  by M. of A. THIELE, MAGNARELLI, SCHIMMINGER -- read once and
  referred to the Committee on Ways and  Means  --  recommitted  to  the
  Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the tax law, in relation to raising  the  threshold  for
  estate tax under applicable internal revenue code provisions

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

  Section 1. Subsection (a) of section 951 of the tax law, as amended by
section 1 of part T of chapter 57 of the laws of  2010,  is  amended  to
read as follows:
  (a) Dates. For purposes of this article, any reference to the internal
revenue code means the United States Internal Revenue Code of 1986, with
all amendments enacted on or before July twenty-second, nineteen hundred
ninety-eight,  and, unless specifically provided otherwise in this arti-
cle, any reference to December thirty-first, nineteen  hundred  seventy-
six  or  January  first, nineteen hundred seventy-seven contained in the
provisions of such code which are applicable to the determination of the
tax imposed by this article shall be read as a reference to June thirti-
eth, nineteen hundred seventy-eight  or  July  first,  nineteen  hundred
seventy-eight,  respectively. Notwithstanding the foregoing, the unified
credit against the estate tax provided in section two  thousand  ten  of
the  internal  revenue  code shall, for purposes of this article, be the
amount allowable as if the federal applicable exclusion amount were:
  1. one million dollars FOR TAXABLE YEARS PRIOR TO 2014;
  2. TWO MILLION DOLLARS FOR THE TAXABLE YEAR 2014;
  3. THREE MILLION DOLLARS FOR THE TAXABLE YEAR 2015;
  4. FOUR MILLION DOLLARS FOR THE TAXABLE YEAR 2016; AND
  5. FIVE MILLION DOLLARS FOR THE TAXABLE YEAR 2017 AND THEREAFTER.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07808-03-4

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