S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2668
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2023
                                ___________
 
 Introduced  by  M.  of  A.  BLUMENCRANZ -- 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:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06907-01-3
              

 A. 2668                             2
 
 In  the  case of decedents dying on or after: The basic exclusion amount
 is:
 April 1, 2014 and before April 1, 2015            $ 2,062,500
 April 1, 2015 and before April 1, 2016            3,125,000
 April 1, 2016 and before April 1, 2017            4,187,500
 April 1, 2017 and before January 1, 2019          5,250,000
 JANUARY 1, 2023 AND BEFORE JANUARY 1, 2024        11,200,000
   (B)  In the case of any decedent dying in a calendar year beginning on
 or after January first, two thousand [nineteen] TWENTY-FOUR,  the  basic
 exclusion amount shall be equal to:
   (i)  [five  million  dollars]  ELEVEN  MILLION  TWO  HUNDRED  THOUSAND
 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.
   (C)  (i)  For purposes of this paragraph, "consumer price index" means
 the most recent consumer price index for all-urban  consumers  published
 by the United States department of labor.
   (ii)  For  purposes  of  clause (ii) of subparagraph (B) of this para-
 graph, the consumer price index for any calendar year shall be the aver-
 age of the consumer price index as of  the  close  of  the  twelve-month
 period ending on August thirty-first of such calendar year.
   (iii) If any amount adjusted under this paragraph is not a multiple of
 ten thousand dollars, such amount shall be rounded to the nearest multi-
 ple of ten thousand dollars.
   § 2. This act shall take effect immediately.