Senate Bill S2908A

2017-2018 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 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

2017-S2908 - Details

See Assembly Version of this Bill:
A5054
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §952, Tax L
Versions Introduced in 2015-2016 Legislative Session:
S6706, A9471

2017-S2908 - Summary

Makes provisions, in the case of a decedent dying on or after April 1, 2018, 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.

2017-S2908 - Sponsor Memo

2017-S2908 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2908
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 18, 2017
                                ___________
 
 Introduced  by  Sens.  RITCHIE, O'MARA, SERINO -- read twice and ordered
   printed, and when printed to be committed to the Committee on Investi-
   gations and Government Operations
 
 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 SEVENTEEN, 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.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08215-01-7

co-Sponsors

2017-S2908A (ACTIVE) - Details

See Assembly Version of this Bill:
A5054
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §952, Tax L
Versions Introduced in 2015-2016 Legislative Session:
S6706, A9471

2017-S2908A (ACTIVE) - Summary

Makes provisions, in the case of a decedent dying on or after April 1, 2018, 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.

2017-S2908A (ACTIVE) - Sponsor Memo

2017-S2908A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2908--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 18, 2017
                                ___________
 
 Introduced  by  Sens.  RITCHIE, O'MARA, SERINO -- read twice and ordered
   printed, and when printed to be committed to the Committee on Investi-
   gations and Government Operations -- recommitted to the  Committee  on
   Investigations  and  Government  Operations  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 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  EIGHTEEN,  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.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08215-02-8

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