Senate Bill S3035A

2013-2014 Legislative Session

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

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Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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-S3035 - Details

See Assembly Version of this Bill:
A5293
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §951, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S6015, A8681

2013-S3035 - 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-S3035 - Sponsor Memo

2013-S3035 - Bill Text download pdf 

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

                                  3035

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 29, 2013
                               ___________

Introduced by Sens. DeFRANCISCO, GALLIVAN, RANZENHOFER -- read twice and
  ordered  printed, and when printed to be committed to the Committee on
  Investigations and Government Operations

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-S3035A (ACTIVE) - Details

See Assembly Version of this Bill:
A5293
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §951, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S6015, A8681

2013-S3035A (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-S3035A (ACTIVE) - Sponsor Memo

2013-S3035A (ACTIVE) - Bill Text download pdf 

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

                                 3035--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 29, 2013
                               ___________

Introduced  by  Sens. DeFRANCISCO, GALLIVAN, GOLDEN, GRISANTI, NOZZOLIO,
  RANZENHOFER -- read twice and ordered printed, and when printed to  be
  committed to the Committee on Investigations and Government Operations
  -- recommitted to the Committee on Investigations and Government Oper-
  ations  in  accordance  with  Senate  Rule  6,  sec.  8  --  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07808-02-4

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