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