Bill Text: NY A02668 | 2023-2024 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2024-01-03 - referred to ways and means [A02668 Detail]

Download: New_York-2023-A02668-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2668

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    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:

     1    Section 1. Subsection (c) of section 952 of the tax law, as  added  by
     2  section  2  of  part  X of chapter 59 of the laws of 2014, is amended to
     3  read as follows:
     4    (c) Applicable credit amount. (1) A credit of  the  applicable  credit
     5  amount  shall  be  allowed  against  the  tax imposed by this section as
     6  provided in this subsection. In the case of a decedent  whose  New  York
     7  taxable  estate is less than or equal to the basic exclusion amount, the
     8  applicable credit amount shall be the amount of tax that  would  be  due
     9  under subsection (b) of this section on such decedent's New York taxable
    10  estate.  In the case of a decedent whose New York taxable estate exceeds
    11  the basic exclusion amount [by an amount that is less than or  equal  to
    12  five  percent of such amount], the applicable credit amount shall be the
    13  amount of tax that would be due under subsection (b) of this section [if
    14  the amount on which the tax is to be computed were] equal to the maximum
    15  basic exclusion amount [multiplied by one minus a fraction, the  numera-
    16  tor  of  which is the decedent's New York taxable estate minus the basic
    17  exclusion amount, and the denominator of which is five  percent  of  the
    18  basic  exclusion  amount]. Provided, however, that the credit allowed by
    19  this subsection shall not exceed the tax imposed by this  section[,  and
    20  no  credit shall be allowed to the estate of any decedent whose New York
    21  taxable estate exceeds one hundred five percent of the  basic  exclusion
    22  amount].
    23    (2) (A) For purposes of this section, the basic exclusion amount shall
    24  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

     1  In  the  case of decedents dying on or after: The basic exclusion amount
     2  is:
     3  April 1, 2014 and before April 1, 2015            $ 2,062,500
     4  April 1, 2015 and before April 1, 2016            3,125,000
     5  April 1, 2016 and before April 1, 2017            4,187,500
     6  April 1, 2017 and before January 1, 2019          5,250,000
     7  January 1, 2023 and before January 1, 2024        11,200,000
     8    (B)  In the case of any decedent dying in a calendar year beginning on
     9  or after January first, two thousand [nineteen] twenty-four,  the  basic
    10  exclusion amount shall be equal to:
    11    (i)  [five  million  dollars]  eleven  million  two  hundred  thousand
    12  dollars, multiplied by
    13    (ii) one plus  the  cost-of-living  adjustment,  which  shall  be  the
    14  percentage  by which the consumer price index for the preceding calendar
    15  year exceeds the consumer price index for  calendar  year  two  thousand
    16  ten.
    17    (C)  (i)  For purposes of this paragraph, "consumer price index" means
    18  the most recent consumer price index for all-urban  consumers  published
    19  by the United States department of labor.
    20    (ii)  For  purposes  of  clause (ii) of subparagraph (B) of this para-
    21  graph, the consumer price index for any calendar year shall be the aver-
    22  age of the consumer price index as of  the  close  of  the  twelve-month
    23  period ending on August thirty-first of such calendar year.
    24    (iii) If any amount adjusted under this paragraph is not a multiple of
    25  ten thousand dollars, such amount shall be rounded to the nearest multi-
    26  ple of ten thousand dollars.
    27    § 2. This act shall take effect immediately.