S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        3035--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                   January 29, 2013
                                      ___________
       Introduced  by  Sens. DeFRANCISCO, GALLIVAN, GOLDEN, GRISANTI, NOZZOLIO,
         RANZENHOFER -- read twice and ordered printed, and when printed to  be
         committed to the Committee on Investigations and Government Operations
         -- recommitted to the Committee on Investigations and Government Oper-
         ations  in  accordance  with  Senate  Rule  6,  sec.  8  --  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
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07808-02-4
       S. 3035--A                          2
    1    5. FIVE MILLION DOLLARS FOR THE TAXABLE YEAR 2017 AND THEREAFTER.
    2    S 2. This act shall take effect immediately.