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

---

S6015A-2011 Actions

• Jun 20, 2012: referred to ways and means
• Jun 20, 2012: DELIVERED TO ASSEMBLY
• Jun 20, 2012: PASSED SENATE
• Jun 20, 2012: ORDERED TO THIRD READING CAL.1411
• Jun 20, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
• Jun 14, 2012: PRINT NUMBER 6015A
• Jun 14, 2012: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S6015A-2011 Meetings

Rules: Jun 21, 2012

S6015A-2011 Calendars

Floor Calendar: Jun 20, 2012

S6015A-2011 Votes

S6015A-2011 Memo

BILL NUMBER:S6015A

TITLE OF BILL:
An act
to amend the tax law, in relation to raising the threshold for estate
tax under applicable internal revenue code provisions

PURPOSE:
The purpose of this bill is to increase the estate tax
threshold over a period of four years beginning with $1 million
estates.

SUMMARY OF PROVISIONS:
Section 1: amends Subsection (a) of section 951 of the tax law by
section 1 of part T of chapter 57 of the laws of 2010.

Section 2: Establishes the effective date.

JUSTIFICATION:
The New York State estate tax creates a disincentive for those with
estates $1 million or over to remain New York State residents. When
assets and residences leave the state New York loses population and
all of the tax revenue from such estates and incomes.
Some studies have demonstrated that states with lower or no estate
taxes have benefited from increased numbers of new residents compared
to states with high estate taxes. Changing the threshold for estate
taxes will encourage residents to remain in New York and continue
living and doing business in New York State.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
$500M when fully phased in, however, this would likely be offset by
those individuals who might otherwise establish an out of state
domicile as a result of the current threshold.

EFFECTIVE DATE:
Immediately.

S6015A-2011 Text

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

                                   6015--A

                              I N  SENATE

                                 (PREFILED)

                               January 4, 2012
                                 ___________

  Introduced  by  Sens.  DeFRANCISCO, FLANAGAN, GALLIVAN, GOLDEN, MAZIARZ,
    RANZENHOFER, ZELDIN -- read twice and ordered printed, and when print-
    ed to be committed to the Committee on Investigations  and  Government
    Operations -- 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:


    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 2012;
    2. TWO MILLION DOLLARS FOR THE TAXABLE YEAR 2012;
    3. THREE MILLION DOLLARS FOR THE TAXABLE YEAR 2013;
    4. FOUR MILLION DOLLARS FOR THE TAXABLE YEAR 2014; AND
    5. FIVE MILLION DOLLARS FOR THE TAXABLE YEAR 2015 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.
                                                             LBD13425-02-2