Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 23, 2011 |
signed chap.529 |
Sep 12, 2011 |
delivered to governor |
Jun 16, 2011 |
returned to assembly passed senate 3rd reading cal.1084 substituted for s5519 |
Jun 16, 2011 |
substituted by a7729 |
Jun 14, 2011 |
advanced to third reading |
Jun 13, 2011 |
2nd report cal. |
Jun 07, 2011 |
1st report cal.1084 |
May 27, 2011 |
referred to judiciary |
Senate Bill S5519
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A7729 - 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
Actions
Votes
2011-S5519 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7729
- Law Section:
- Estates, Powers and Trusts Law
- Laws Affected:
- Amd ยง2-1.13, EPT L
2011-S5519 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5519 TITLE OF BILL: An act to amend the estates, powers and trusts law, in relation to certain formula clauses to be construed to refer to the federal estate and generation-skipping transfer tax laws applicable to estates of decedents dying after December 31, 2009 and before January 1, 2011 This is one in a series of measures being introduced at the request of the Chief Administrative Judge upon the recommendation of her Surrogate's Court Advisory Committee. This measure would amend section 2-1.13 of the Estates, Powers and Trusts Law ("EPTL"), which was added in 2010 in response to the repeal of the Federal estate tax for decedents dying in 2010 and the repeal of the generation-skipping transfer ("GST") tax in 2010. L. 2010, c. 349. In the view of our Advisory Committee, chapter 349 needs clarification in light of Federal election options. According to the bill summary accompanying the 2010 enactment: "Many wills, trusts and beneficiary forms prepared prior to 2010 were based on formula dispositions in the case of married testators. The aim was typically to leave as much as possible on the first spouse's death to a trust or to individuals other than the surviving spouse
2011-S5519 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5519 2011-2012 Regular Sessions I N S E N A T E May 27, 2011 ___________ Introduced by Sen. BONACIC -- (at request of the Office of Court Admin- istration) -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the estates, powers and trusts law, in relation to certain formula clauses to be construed to refer to the federal estate and generation-skipping transfer tax laws applicable to estates of decedents dying after December 31, 2009 and before January 1, 2011 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2-1.13 of the estates, powers and trusts law, as added by chapter 349 of the laws of 2010, is amended to read as follows: S 2-1.13 Certain formula clauses to be construed to refer to the federal estate and generation-skipping transfer tax laws applicable to estates of decedents dying after December thirty-first, two thousand nine and before January first, two thousand eleven (a)(1) If by reason of the death of a decedent property passes or is acquired under a beneficiary designation, [in the case of] a will or trust of a decedent who dies after December thirty-first, two thousand nine and before January first, two thousand eleven, that contains a bequest or other disposition based upon the amount of property that can be sheltered from federal estate tax by referring to the "unified cred- it", "estate tax exemption", "applicable exclusion amount", "applicable exemption amount", "applicable credit amount", "marital deduction", "maximum marital deduction", "unlimited marital deduction", "charitable deduction", "maximum charitable deduction" or similar words or phrases relating to the federal estate tax, or that measures a share of an estate or trust based on the amount that can pass free of federal estate taxes, or that is otherwise based on a similar provision of federal estate tax THEN SUCH BENEFICIARY DESIGNATION, WILL OR TRUST shall be deemed to refer to the federal estate tax law as applied with respect to decedents dying [on December thirty-first, two thousand nine] IN TWO THOUSAND TEN, REGARDLESS OF WHETHER AN ELECTION IS MADE NOT TO HAVE THE FEDERAL ESTATE TAX APPLY TO A PARTICULAR ESTATE.
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