NY State Assembly Bill 2013-A5960A

Assembly Bill A5960A

Signed By Governor

2013-2014 Legislative Session

Makes a reduced rate of interest applicable to certain additions of tax resulting from discovery after filing an estate tax return of certain assets

download bill text pdf

Archive: Last Bill Status - Signed by Governor

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jul 31, 2013	signed chap.197
Jul 19, 2013	delivered to governor
Jun 20, 2013	returned to assembly passed senate 3rd reading cal.1481 substituted for s4310a
Jun 19, 2013	referred to rules delivered to senate passed assembly
Jun 18, 2013	ordered to third reading rules cal.423 rules report cal.423 reported
Jun 17, 2013	reported referred to rules
Jun 11, 2013	print number 5960a
Jun 11, 2013	amend and recommit to ways and means
Mar 11, 2013	referred to ways and means

Votes

- Jun 20, 2013 - Floor Vote
  A5960A
  
  63
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 20, 2013
      
      aye (63)
      
      Adams
      
      Addabbo Jr.
      
      Avella
      
      Ball
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Carlucci
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Espaillat
      
      Farley
      
      Felder
      
      Flanagan
      
      Fuschillo
      
      Gallivan
      
      Gianaris
      
      Gipson
      
      Golden
      
      Griffo
      
      Grisanti
      
      Hannon
      
      Hassell-Thompson
      
      Hoylman-Sigal
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Latimer
      
      Libous
      
      Little
      
      Marcellino
      
      Marchione
      
      Martins
      
      Maziarz
      
      Montgomery
      
      Nozzolio
      
      O'Brien
      
      O'Mara
      
      Parker
      
      Peralta
      
      Perkins
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Sampson
      
      Sanders Jr.
      
      Savino
      
      Serrano
      
      Seward
      
      Skelos
      
      Smith
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Tkaczyk
      
      Valesky
      
      Young
      
      Zeldin

Bill Amendments

Original

A (Active)

2013-A5960 - Details

See Senate Version of this Bill:: S4310
Law Section:: Tax Law
Laws Affected:: Add §991, Tax L; amd Part A §35, Chap 389 of 1997; amd §385, Chap 190 of 1990

2013-A5960 - Summary

Makes a reduced rate of interest applicable to certain additions of tax resulting from discovery after filing an estate tax return of certain assets belonging to the decedent held by the state comptroller as abandoned property.

2013-A5960 - Bill Text download pdf

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

                                  5960

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             March 11, 2013
                               ___________

Introduced by M. of A. FARRELL -- (at request of the Department of Taxa-
  tion  and  Finance) -- read once and referred to the Committee on Ways
  and Means

AN ACT to amend the tax law, in relation to making  a  reduced  rate  of
  interest  applicable  to  certain  additions  to tax resulting from an
  executor's discovery after the date for filing an estate tax return of
  certain assets belonging to the decedent held by the state comptroller
  as abandoned property; and to amend chapter 389 of the  laws  of  1997
  amending  the  tax  law and other laws relating to the estate and gift
  tax, and chapter 190 of the laws of 1990 amending the tax law relating
  to certain taxes, fees, and other impositions, in relation to rates of
  interest for certain estates

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. The tax law is amended by adding a new section 991 to read
as follows:
  S 991. INTEREST ACCRUAL RELIEF  FOR  ADDITIONAL  TAX  ATTRIBUTABLE  TO
NEWLY-DISCOVERED ABANDONED PROPERTY. NOTWITHSTANDING ANY OTHER PROVISION
OF  LAW,  IN COMPUTING THE INTEREST DUE ON AN ADDITION TO TAX OWED BY AN
ESTATE ATTRIBUTABLE TO THE  INCLUSION  IN  THE  ESTATE'S  FEDERAL  GROSS
ESTATE  OF  AN  ASSET  HELD BY THE COMPTROLLER AS ABANDONED PROPERTY AND
ACCRUING INTEREST PURSUANT TO SECTION FOURTEEN HUNDRED FIVE OF THE ABAN-
DONED PROPERTY LAW, NO INTEREST SHALL ACCRUE FOR ANY PERIOD OF  TIME  IN
WHICH  THE  COMPTROLLER  CEASED TO PAY INTEREST ON THE ASSET PURSUANT TO
THE FIVE-YEAR LIMITATION IN SUBDIVISION ONE OF SECTION FOURTEEN  HUNDRED
FIVE OF THE ABANDONED PROPERTY LAW IF, AS OF THE DATE PRESCRIBED FOR THE
FILING  OF  A  RETURN REQUIRED BY THIS ARTICLE, INCLUDING ANY EXTENSIONS
GRANTED FOR FILING, INFORMATION PERTAINING TO  THE  ASSET  HAD  NOT  YET
APPEARED  IN  THE  PUBLIC  RECORDS  OF ABANDONED PROPERTY REQUIRED TO BE
MAINTAINED BY THE COMPTROLLER PURSUANT TO SECTION FOURTEEN  HUNDRED  ONE
OF THE ABANDONED PROPERTY LAW.
  S  2. Section 35 of part A of chapter 389 of the laws of 1997 amending
the tax law and other laws relating to  the  estate  and  gift  tax,  is
amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09097-01-3

A. 5960                             2

  S  35.    All  provisions  of  law repealed or deleted by sections one
through thirty-four of this act, and of the regulations  adopted  there-
under,  in respect to the assessment, payment, determination, collection
and refund of taxes or other impositions imposed thereunder, the  filing
of returns and preservation of records for the purposes of such taxes or
impositions,  the  secrecy  of  returns, and the disposition of revenues
shall continue in effect with respect to all such taxes  or  impositions
accrued  up to the effective date of this section[.]; PROVIDED, HOWEVER,
THAT, WITH REGARD TO AN ADDITION TO TAX OWNED BY AN ESTATE  ATTRIBUTABLE
TO  THE  INCLUSION  IN THE ESTATE'S GROSS ESTATE OF AN ASSET HELD BY THE
STATE COMPTROLLER AS ABANDONED PROPERTY, NO INTEREST  SHALL  ACCRUE  FOR
ANY PERIOD OF TIME IN WHICH THE STATE COMPTROLLER CEASED TO PAY INTEREST
ON  THE  ASSET  PURSUANT  TO  THE FIVE-YEAR LIMITATION ON THE PAYMENT OF
INTEREST IN SUBDIVISION 1 OF SECTION 1405 OF THE ABANDONED PROPERTY LAW.
THIS CAP ON THE PERIOD OF TIME DURING WHICH INTEREST WILL  ACCRUE  SHALL
APPLY  ONLY  IF,  AS  OF THE DATE PRESCRIBED FOR THE FILING OF A RETURN,
INCLUDING ANY EXTENSIONS GRANTED FOR FILING, INFORMATION  PERTAINING  TO
THE  ASSET HAD NOT YET APPEARED IN THE PUBLIC RECORDS OF ABANDONED PROP-
ERTY REQUIRED TO BE MAINTAINED BY  THE  STATE  COMPTROLLER  PURSUANT  TO
SECTION 1401 OF THE ABANDONED PROPERTY LAW.
  S  3.  Paragraph 1 of subdivision (i) of section 385 of chapter 190 of
the laws of 1990 amending the tax law relating to certain  taxes,  fees,
and  other impositions, as amended by section 71 of part A of chapter 56
of the laws of 1998, is amended to read as follows:
  (1) All provisions of articles 10-A, 10-B, 10-C and section 962 of the
tax law (as repealed by section  one  hundred  eight  of  this  act)  in
respect  to  the  imposition, rates, appraisal and valuation of estates,
filing of tax, assessment, determination, payment, collection and refund
of the taxes imposed or administered thereunder, the filing  of  reports
and  returns,  the  final federal determinations, imposition of interest
and penalties, the jurisdiction of surrogates' courts, provisions relat-
ing to appeals and the disposition of revenues and fees  shall  continue
in effect with respect to all such taxes accrued on or before the effec-
tive  date  of  this  act,  except that (A) section 249-u of the tax law
shall not be applicable after the effective date of this act,  (B)  with
respect  to any of the provisions of article 10-C thereof relating to an
appraiser, the appraiser shall  be  the  commissioner  of  taxation  and
finance  or  his  designee on and after such date, and (C) the fee for a
release of lien imposed by subdivision c of section  249-bb,  which  was
applicable  to  estates  of decedents subject to tax under article 26 of
the tax law by reason of section 962 thereof, shall not  be  applicable;
PROVIDED  THAT,  WITH  REGARD  TO  AN  ADDITION TO TAX OWED BY AN ESTATE
ATTRIBUTABLE TO THE INCLUSION IN THE ESTATE'S FEDERAL GROSS ESTATE OF AN
ASSET HELD BY THE STATE COMPTROLLER AS ABANDONED PROPERTY,  NO  INTEREST
SHALL  ACCRUE  FOR  ANY  PERIOD  OF  TIME IN WHICH THE STATE COMPTROLLER
CEASED TO PAY INTEREST ON THE ASSET PURSUANT TO THE FIVE-YEAR LIMITATION
ON THE PAYMENT OF INTEREST IN SUBDIVISION 1 OF SECTION 1405 OF THE ABAN-
DONED PROPERTY LAW. THIS CAP ON THE PERIOD OF TIME DURING WHICH INTEREST
WILL ACCRUE SHALL APPLY ONLY IF, AS  OF  THE  DATE  PRESCRIBED  FOR  THE
FILING  OF A RETURN, INCLUDING ANY EXTENSIONS GRANTED FOR FILING, INFOR-
MATION PERTAINING TO THE ASSET  HAD  NOT  YET  APPEARED  IN  THE  PUBLIC
RECORDS  OF  ABANDONED  PROPERTY  REQUIRED TO BE MAINTAINED BY THE STATE
COMPTROLLER PURSUANT TO SECTION 1401 OF THE ABANDONED PROPERTY LAW;
  S 4. This act shall take effect immediately and shall apply to estates
of decedents dying on or after June 1, 1944, provided that no refunds or
credit shall be granted as a result of any provision of this act.

2013-A5960A (ACTIVE) - Details

See Senate Version of this Bill:: S4310
Law Section:: Tax Law
Laws Affected:: Add §991, Tax L; amd Part A §35, Chap 389 of 1997; amd §385, Chap 190 of 1990

2013-A5960A (ACTIVE) - Summary

2013-A5960A (ACTIVE) - Bill Text download pdf

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

                                 5960--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             March 11, 2013
                               ___________

Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
  tee on Ways and Means -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the tax law, in relation to making a reduced rate of
  interest applicable to certain additions  to  tax  resulting  from  an
  executor's discovery after the date for filing an estate tax return of
  certain assets belonging to the decedent held by the state comptroller
  as  abandoned  property;  and to amend chapter 389 of the laws of 1997
  amending the tax law and other laws relating to the  estate  and  gift
  tax, and chapter 190 of the laws of 1990 amending the tax law relating
  to certain taxes, fees, and other impositions, in relation to rates of
  interest for certain estates

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The tax law is amended by adding a new section 991 to  read
as follows:
  S  991.  INTEREST  ACCRUAL  RELIEF  FOR ADDITIONAL TAX ATTRIBUTABLE TO
NEWLY-DISCOVERED ABANDONED PROPERTY. NOTWITHSTANDING ANY OTHER PROVISION
OF LAW, IN COMPUTING THE INTEREST DUE ON AN ADDITION TO TAX OWED  BY  AN
ESTATE  ATTRIBUTABLE  TO  THE  INCLUSION  IN  THE ESTATE'S FEDERAL GROSS
ESTATE OF AN ASSET HELD BY THE COMPTROLLER AS  ABANDONED  PROPERTY,  THE
COMMISSIONER  SHALL  APPLY  THE  INTEREST  RATE USED BY THE COMPTROLLER,
PURSUANT TO SECTION FOURTEEN HUNDRED FIVE OF THE ABANDONED PROPERTY LAW,
IN COMPUTING THE INTEREST DUE ON SUCH ABANDONED PROPERTY  WHILE  IN  THE
COMPTROLLER'S  POSSESSION  (INCLUDING A ZERO RATE IF THE COMPTROLLER DID
NOT PAY INTEREST ON SUCH PROPERTY) IF, AS OF THE DATE PRESCRIBED FOR THE
FILING OF A RETURN REQUIRED BY THIS ARTICLE,  INCLUDING  ANY  EXTENSIONS
GRANTED  FOR  FILING,  INFORMATION  PERTAINING  TO THE ASSET HAD NOT YET
APPEARED IN THE PUBLIC RECORDS OF  ABANDONED  PROPERTY  REQUIRED  TO  BE
MAINTAINED  BY  THE COMPTROLLER PURSUANT TO SECTION FOURTEEN HUNDRED ONE
OF THE ABANDONED PROPERTY LAW.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09097-02-3

A. 5960--A                          2

  S 2. Section 35 of part A of chapter 389 of the laws of 1997  amending
the  tax  law  and  other  laws  relating to the estate and gift tax, is
amended to read as follows:
  S  35.    All  provisions  of  law repealed or deleted by sections one
through thirty-four of this act, and of the regulations  adopted  there-
under,  in respect to the assessment, payment, determination, collection
and refund of taxes or other impositions imposed thereunder, the  filing
of returns and preservation of records for the purposes of such taxes or
impositions,  the  secrecy  of  returns, and the disposition of revenues
shall continue in effect with respect to all such taxes  or  impositions
accrued  up to the effective date of this section[.]; PROVIDED, HOWEVER,
THAT, IN COMPUTING THE INTEREST DUE ON AN ADDITION TO  TAX  OWED  BY  AN
ESTATE  ATTRIBUTABLE TO THE INCLUSION IN THE ESTATE'S GROSS ESTATE OF AN
ASSET HELD BY THE STATE COMPTROLLER AS ABANDONED PROPERTY,  THE  COMMIS-
SIONER OF TAXATION AND FINANCE SHALL APPLY THE INTEREST RATE USED BY THE
COMPTROLLER,  PURSUANT TO SECTION 1405 OF THE ABANDONED PROPERTY LAW, IN
COMPUTING THE INTEREST DUE ON SUCH ABANDONED PROPERTY WHILE IN THE COMP-
TROLLER'S POSSESSION (INCLUDING A ZERO RATE IF THE COMPTROLLER  DID  NOT
PAY  INTEREST  ON  SUCH  PROPERTY) IF, AS OF THE DATE PRESCRIBED FOR THE
FILING OF A RETURN, INCLUDING ANY EXTENSIONS GRANTED FOR FILING,  INFOR-
MATION  PERTAINING  TO  THE  ASSET  HAD  NOT  YET APPEARED IN THE PUBLIC
RECORDS OF ABANDONED PROPERTY REQUIRED TO BE  MAINTAINED  BY  THE  STATE
COMPTROLLER PURSUANT TO SECTION 1401 OF THE ABANDONED PROPERTY LAW.
  S  3.  Paragraph 1 of subdivision (i) of section 385 of chapter 190 of
the laws of 1990 amending the tax law relating to certain  taxes,  fees,
and  other impositions, as amended by section 71 of part A of chapter 56
of the laws of 1998, is amended to read as follows:
  (1) All provisions of articles 10-A, 10-B, 10-C and section 962 of the
tax law (as repealed by section  one  hundred  eight  of  this  act)  in
respect  to  the  imposition, rates, appraisal and valuation of estates,
filing of tax, assessment, determination, payment, collection and refund
of the taxes imposed or administered thereunder, the filing  of  reports
and  returns,  the  final federal determinations, imposition of interest
and penalties, the jurisdiction of surrogates' courts, provisions relat-
ing to appeals and the disposition of revenues and fees  shall  continue
in effect with respect to all such taxes accrued on or before the effec-
tive  date  of  this  act,  except that (A) section 249-u of the tax law
shall not be applicable after the effective date of this act,  (B)  with
respect  to any of the provisions of article 10-C thereof relating to an
appraiser, the appraiser shall  be  the  commissioner  of  taxation  and
finance  or  his  designee on and after such date, and (C) the fee for a
release of lien imposed by subdivision c of section  249-bb,  which  was
applicable  to  estates  of decedents subject to tax under article 26 of
the tax law by reason of section 962 thereof, shall not  be  applicable;
PROVIDED  THAT,  WITH  REGARD  TO  AN  ADDITION TO TAX OWED BY AN ESTATE
ATTRIBUTABLE TO THE INCLUSION IN THE ESTATE'S FEDERAL GROSS ESTATE OF AN
ASSET HELD BY THE STATE COMPTROLLER AS ABANDONED PROPERTY,  NO  INTEREST
SHALL  ACCRUE  FOR ANY PERIOD OF TIME IN WHICH THE STATE COMPTROLLER DID
NOT PAY INTEREST ON THE ASSET IF, AS OF  THE  DATE  PRESCRIBED  FOR  THE
FILING  OF A RETURN, INCLUDING ANY EXTENSIONS GRANTED FOR FILING, INFOR-
MATION PERTAINING TO THE ASSET  HAD  NOT  YET  APPEARED  IN  THE  PUBLIC
RECORDS  OF  ABANDONED  PROPERTY  REQUIRED TO BE MAINTAINED BY THE STATE
COMPTROLLER PURSUANT TO SECTION 1401 OF THE ABANDONED PROPERTY LAW;
  S 4. This act shall take effect immediately and shall apply to estates
of decedents dying on or after June 1, 1944, provided that no refunds or
credit shall be granted as a result of any provision of this act.

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