S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3026
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced  by M. of A. WALSH, MORINELLO, HAWLEY, SALKA, BARCLAY, BLANK-
   ENBUSH, BRABENEC, TAGUE -- Multi-Sponsored by -- M. of A. MANKTELOW --
   read once and referred to the Committee on Ways and Means
 
 AN ACT to amend the tax law and the administrative code of the  city  of
   New  York, in relation to taxable estates; and to repeal article 26 of
   the tax law relating thereto
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Article 26 of the tax law is REPEALED.
   §  2. Subdivision (r) of section 11-1712 of the administrative code of
 the city of New York, as relettered by section 60 of chapter 639 of  the
 laws of 1986 and such section as renumbered by section 43 of chapter 639
 of the laws of 1986, is amended to read as follows:
   (r)  In  the  case of a sale or other disposition of property acquired
 from a decedent and valued by the executor of the estate of  such  dece-
 dent  [for  the  purposes of the tax under article twenty-six of the tax
 law (i) pursuant to paragraph two of  subsection  (b)  of  section  nine
 hundred  fifty-four  of  the  tax  law, or (ii) pursuant to section nine
 hundred fifty-four-a of the tax law,] where such estate was insufficient
 to require the filing of a federal estate tax return, the amount  neces-
 sary to properly reflect the gain or loss from such sale or other dispo-
 sition  which  would have been realized under this chapter, had[, in the
 case of clause (i) of this subdivision,] a  federal  estate  tax  return
 been filed similarly valuing such property pursuant to section two thou-
 sand  thirty-two of the internal revenue code, or [in the case of clause
 (ii) of this subdivision,] pursuant to section two thousand thirty-two-A
 of such code.
   § 3. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03920-01-1