Assembly Bill A5181

2021-2022 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

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

multi-Sponsors

2021-A5181 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §952, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A9658
2019-2020: A6765
2023-2024: A2668

2021-A5181 (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.

2021-A5181 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5181
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 11, 2021
                                ___________
 
 Introduced by M. of A. MONTESANO, BARCLAY, BRABENEC, J. M. GIGLIO, McDO-
   NOUGH, PALMESANO -- Multi-Sponsored by -- M. of A. THIELE -- 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].
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08632-01-1

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.