Assembly Bill A9658

2017-2018 Legislative Session

Relates to increasing credits against taxes imposed on the transfer of the New York estate by every deceased individual who at his or her death was a resident of New York state

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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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2017-A9658 (ACTIVE) - Details

See Senate Version of this Bill:
S7820
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §952, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A6765
2021-2022: A5181
2023-2024: A2668

2017-A9658 (ACTIVE) - Summary

Increases credits against taxes imposed on the transfer of the New York estate by every deceased individual who at his or her death was a resident of New York state by setting the basic exclusion amount to $11,200,000.

2017-A9658 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9658
 
                           I N  A S S E M B L Y
 
                             January 30, 2018
                                ___________
 
 Introduced  by  M.  of  A.  MONTESANO  --  read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to increasing  credits  against
   taxes imposed on the transfer of the New York estate by every deceased
   individual who at his or her death was a resident of New York state
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. 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:
   (c) Applicable credit amount. (1) A credit of  the  applicable  credit
 amount  shall  be  allowed  against  the  tax imposed by this section as
 provided in this subsection. In the case of a decedent  whose  New  York
 taxable  estate is less than or equal to the basic exclusion amount, the
 applicable credit amount shall be the amount of tax that  would  be  due
 under subsection (b) of this section on such decedent's New York taxable
 estate.  In the case of a decedent whose New York taxable estate exceeds
 the basic exclusion amount [by an amount that is less than or  equal  to
 five  percent of such amount], the applicable credit amount shall be the
 amount of tax that would be due under subsection (b) of this section [if
 the amount on which the tax is to be computed were] equal to the MAXIMUM
 basic exclusion amount [multiplied by one minus a fraction, the  numera-
 tor  of  which is the decedent's New York taxable estate minus the basic
 exclusion amount, and the denominator of which is five  percent  of  the
 basic  exclusion  amount]. Provided, however, that the credit allowed by
 this subsection shall not exceed the tax imposed by this  section[,  and
 no  credit shall be allowed to the estate of any decedent whose New York
 taxable estate exceeds one hundred five percent of the  basic  exclusion
 amount].
   (2) (A) For purposes of this section, the basic exclusion amount shall
 be as follows:
 In  the  case of decedents dying on or after: The basic exclusion amount
 is:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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