Bill Text: NY S01135 | 2025-2026 | General Assembly | Introduced

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Bill Title: Repeals the estate tax.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2025-01-08 - REFERRED TO BUDGET AND REVENUE [S01135 Detail]

Download: New_York-2025-S01135-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1135

                               2025-2026 Regular Sessions

                    IN SENATE

                                     January 8, 2025
                                       ___________

        Introduced  by  Sen. TEDISCO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        AN ACT to amend 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:

     1    Section 1. Article 26 of the tax law is REPEALED.
     2    §  2. Subdivision (r) of section 11-1712 of the administrative code of
     3  the city of New York, as relettered by chapter 639 of the laws  of  1986
     4  and  such  section  as renumbered by chapter 639 of the laws of 1986, is
     5  amended to read as follows:
     6    (r) In the case of a sale or other disposition  of  property  acquired
     7  from  a  decedent and valued by the executor of the estate of such dece-
     8  dent [for the purposes of the tax under article twenty-six  of  the  tax
     9  law  (i)  pursuant  to  paragraph  two of subsection (b) of section nine
    10  hundred fifty-four of the tax law, or  (ii)  pursuant  to  section  nine
    11  hundred fifty-four-a of the tax law,] where such estate was insufficient
    12  to  require the filing of a federal estate tax return, the amount neces-
    13  sary to properly reflect the gain or loss from such sale or other dispo-
    14  sition which would have been realized under this chapter, had[,  in  the
    15  case  of  clause  (i)  of this subdivision,] a federal estate tax return
    16  been filed similarly valuing such property pursuant to section two thou-
    17  sand thirty-two of the internal revenue code, or [in the case of  clause
    18  (ii) of this subdivision,] pursuant to section two thousand thirty-two-A
    19  of such code.
    20    § 3. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02788-01-5