Assembly Bill A9471

2015-2016 Legislative Session

Relates to the estate tax where such estate includes a farm operation

download bill text pdf

Sponsored By

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

2015-A9471 (ACTIVE) - Details

See Senate Version of this Bill:
S6706
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง952, Tax L
Versions Introduced in 2017-2018 Legislative Session:
A5054, S2908

2015-A9471 (ACTIVE) - Summary

Makes provisions, in the case of a decedent dying on or after April 1, 2016, where the decedent's estate includes a farm operation valued at more than fifty percent of the value of the entire estate at the time of death, to provide the basic exclusion shall be equal to five million dollars multiplied by one plus the cost-of-living adjustment.

2015-A9471 (ACTIVE) - Bill Text download pdf

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

                                  9471

                          I N  A S S E M B L Y

                              March 8, 2016
                               ___________

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

AN ACT to amend the tax law, in relation to the  estate  tax  where  the
  estate includes a farm operation

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

  Section 1. Subparagraph (B)  of  paragraph  2  of  subsection  (c)  of
section  952  of the tax law, as added by section 2 of part X of chapter
59 of the laws of 2014, is amended to read as follows:
  (B) In the case of any decedent dying in a calendar year beginning  on
or after January first, two thousand nineteen, OR IN THE CASE OF A DECE-
DENT  DYING  ON  AND  AFTER APRIL FIRST, TWO THOUSAND SIXTEEN, WHERE THE
ESTATE INCLUDES A FARM OPERATION, AS DEFINED IN  SECTION  THREE  HUNDRED
ONE OF THE AGRICULTURE AND MARKETS LAW, AND THE VALUE OF THE FARM OPERA-
TION IS MORE THAN FIFTY PERCENT OF THE VALUE OF THE ENTIRE ESTATE AT THE
TIME OF DEATH the basic exclusion amount shall be equal to:
  (i) five million dollars, multiplied by
  (ii)  one  plus  the  cost-of-living  adjustment,  which  shall be the
percentage by which the consumer price index for the preceding  calendar
year  exceeds  the  consumer  price index for calendar year two thousand
ten.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14022-01-6


              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.