Actions

Text

STATE OF NEW YORK
________________________________________________________________________

5293

2013-2014 Regular Sessions

IN ASSEMBLY

February 22, 2013
___________

Introduced by M. of A. THIELE -- read once and referred to the Committee
  on Ways and Means

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:

  Section 1. Subsection (a) of section 951 of the tax law, as amended by
section  1  of  part  T of chapter 57 of the laws of 2010, is amended to
read as follows:
  (a) Dates. For purposes of this article, any reference to the internal
revenue code means the United States Internal Revenue Code of 1986, with
all amendments enacted on or before July twenty-second, nineteen hundred
ninety-eight, and, unless specifically provided otherwise in this  arti-
cle,  any  reference to December thirty-first, nineteen hundred seventy-
six or January first, nineteen hundred seventy-seven  contained  in  the
provisions of such code which are applicable to the determination of the
tax imposed by this article shall be read as a reference to June thirti-
eth,  nineteen  hundred  seventy-eight  or  July first, nineteen hundred
seventy-eight, respectively. Notwithstanding the foregoing, the  unified
credit  against  the  estate tax provided in section two thousand ten of
the internal revenue code shall, for purposes of this  article,  be  the
amount allowable as if the federal applicable exclusion amount were:
  1. one million dollars FOR TAXABLE YEARS PRIOR TO 2013;
  2. TWO MILLION DOLLARS FOR THE TAXABLE YEAR 2013;
  3. THREE MILLION DOLLARS FOR THE TAXABLE YEAR 2014;
  4. FOUR MILLION DOLLARS FOR THE TAXABLE YEAR 2015; AND
  5. FIVE MILLION DOLLARS FOR THE TAXABLE YEAR 2016 AND THEREAFTER.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07808-01-3