Bill Text: NY A05293 | 2013-2014 | General Assembly | Amended

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Bill Title: Raises the threshold for estate tax under applicable internal revenue code provisions; increases to five million dollars over a period of five years.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2014-01-23 - print number 5293a [A05293 Detail]

Download: New_York-2013-A05293-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        5293--A
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 22, 2013
                                      ___________
       Introduced  by M. of A. THIELE, MAGNARELLI, SCHIMMINGER -- read once and
         referred to the Committee on Ways and  Means  --  recommitted  to  the
         Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
         --  committee  discharged,  bill amended, ordered reprinted as amended
         and recommitted to said committee
       AN ACT to amend the tax law, in relation to raising  the  threshold  for
         estate tax under applicable internal revenue code provisions
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subsection (a) of section 951 of the tax law, as amended by
    2  section 1 of part T of chapter 57 of the laws of  2010,  is  amended  to
    3  read as follows:
    4    (a) Dates. For purposes of this article, any reference to the internal
    5  revenue code means the United States Internal Revenue Code of 1986, with
    6  all amendments enacted on or before July twenty-second, nineteen hundred
    7  ninety-eight,  and, unless specifically provided otherwise in this arti-
    8  cle, any reference to December thirty-first, nineteen  hundred  seventy-
    9  six  or  January  first, nineteen hundred seventy-seven contained in the
   10  provisions of such code which are applicable to the determination of the
   11  tax imposed by this article shall be read as a reference to June thirti-
   12  eth, nineteen hundred seventy-eight  or  July  first,  nineteen  hundred
   13  seventy-eight,  respectively. Notwithstanding the foregoing, the unified
   14  credit against the estate tax provided in section two  thousand  ten  of
   15  the  internal  revenue  code shall, for purposes of this article, be the
   16  amount allowable as if the federal applicable exclusion amount were:
   17    1. one million dollars FOR TAXABLE YEARS PRIOR TO 2014;
   18    2. TWO MILLION DOLLARS FOR THE TAXABLE YEAR 2014;
   19    3. THREE MILLION DOLLARS FOR THE TAXABLE YEAR 2015;
   20    4. FOUR MILLION DOLLARS FOR THE TAXABLE YEAR 2016; AND
   21    5. FIVE MILLION DOLLARS FOR THE TAXABLE YEAR 2017 AND THEREAFTER.
   22    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07808-03-4