Assembly Bill A5230A

2013-2014 Legislative Session

Relates to the unified credit against the estate tax for purposes of a farm operation

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Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

multi-Sponsors

2013-A5230 - Details

See Senate Version of this Bill:
S3694
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §951, Tax L

2013-A5230 - Summary

Relates to the unified credit against the estate tax for purposes of a farm operation.

2013-A5230 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5230

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 21, 2013
                               ___________

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

AN ACT to amend the tax law, in relation to the unified  credit  against
  the estate tax

  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  one
million dollars OR FIVE MILLION DOLLARS FOR A FARM OPERATION, AS DEFINED
IN SECTION THREE HUNDRED ONE OF THE AGRICULTURE AND MARKETS LAW.
  S 2. This act shall take effect immediately and shall apply to taxable
years commencing on and after January 1, 2013.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08783-02-3

co-Sponsors

multi-Sponsors

2013-A5230A (ACTIVE) - Details

See Senate Version of this Bill:
S3694
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §951, Tax L

2013-A5230A (ACTIVE) - Summary

Relates to the unified credit against the estate tax for purposes of a farm operation.

2013-A5230A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5230--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 21, 2013
                               ___________

Introduced  by  M.  of  A. MAGEE, THIELE, BRINDISI, McLAUGHLIN, TEDISCO,
  STIRPE, SIMANOWITZ, OTIS, LAVINE,  ROBERTS,  SANTABARBARA,  SKARTADOS,
  JAFFEE, COOK, FINCH, GUNTHER -- Multi-Sponsored by -- M. of A. ARROYO,
  BARCLAY,  BLANKENBUSH,  CERETTO,  CORWIN,  DiPIETRO,  DUPREY,  FRIEND,
  GIGLIO, GLICK, HAWLEY, MARKEY, McDONALD, McKEVITT, MONTESANO, PALMESA-
  NO, RAIA, WALTER -- read once and referred to the  Committee  on  Ways
  and Means -- recommitted to the Committee on Ways and Means in accord-
  ance  with  Assembly  Rule  3,  sec.  2  -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN  ACT  to amend the tax law, in relation to the unified credit against
  the estate tax

  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 one

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08783-04-4

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