A05181 Summary:
| BILL NO | A05181 |
| SAME AS | No Same As |
| SPONSOR | Montesano |
| COSPNSR | Barclay, Brabenec, Giglio JM, McDonough, Palmesano |
| MLTSPNSR | Thiele |
| Amd §952, Tax L | |
| Increases credits against taxes imposed on the transfer of the New York estate by every deceased individual who at his or her death was a resident of New York state by setting the basic exclusion amount to $11,200,000. | |
A05181 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 5181 2021-2022 Regular Sessions IN ASSEMBLY February 11, 2021 ___________ Introduced by M. of A. MONTESANO, BARCLAY, BRABENEC, J. M. GIGLIO, McDO- NOUGH, PALMESANO -- Multi-Sponsored 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 increasing credits against taxes imposed on the transfer of the New York estate by every deceased individual who at his or her death was a resident of New York state The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (c) of section 952 of the tax law, as added by 2 section 2 of part X of chapter 59 of the laws of 2014, is amended to 3 read as follows: 4 (c) Applicable credit amount. (1) A credit of the applicable credit 5 amount shall be allowed against the tax imposed by this section as 6 provided in this subsection. In the case of a decedent whose New York 7 taxable estate is less than or equal to the basic exclusion amount, the 8 applicable credit amount shall be the amount of tax that would be due 9 under subsection (b) of this section on such decedent's New York taxable 10 estate. In the case of a decedent whose New York taxable estate exceeds 11 the basic exclusion amount [by an amount that is less than or equal to12five percent of such amount], the applicable credit amount shall be the 13 amount of tax that would be due under subsection (b) of this section [if14the amount on which the tax is to be computed were] equal to the maximum 15 basic exclusion amount [multiplied by one minus a fraction, the numera-16tor of which is the decedent's New York taxable estate minus the basic17exclusion amount, and the denominator of which is five percent of the18basic exclusion amount]. Provided, however, that the credit allowed by 19 this subsection shall not exceed the tax imposed by this section[, and20no credit shall be allowed to the estate of any decedent whose New York21taxable estate exceeds one hundred five percent of the basic exclusion22amount]. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08632-01-1A. 5181 2 1 (2) (A) For purposes of this section, the basic exclusion amount shall 2 be as follows: 3 In the case of decedents dying on or after: The basic exclusion amount 4 is: 5 April 1, 2014 and before April 1, 2015 $ 2,062,500 6 April 1, 2015 and before April 1, 2016 3,125,000 7 April 1, 2016 and before April 1, 2017 4,187,500 8 April 1, 2017 and before January 1, 2019 5,250,000 9 January 1, 2021 and before January 1, 2022 11,200,000 10 (B) In the case of any decedent dying in a calendar year beginning on 11 or after January first, two thousand [nineteen] twenty-two, the basic 12 exclusion amount shall be equal to: 13 (i) [five million dollars] eleven million two hundred thousand 14 dollars, multiplied by 15 (ii) one plus the cost-of-living adjustment, which shall be the 16 percentage by which the consumer price index for the preceding calendar 17 year exceeds the consumer price index for calendar year two thousand 18 ten. 19 (C) (i) For purposes of this paragraph, "consumer price index" means 20 the most recent consumer price index for all-urban consumers published 21 by the United States department of labor. 22 (ii) For purposes of clause (ii) of subparagraph (B) of this para- 23 graph, the consumer price index for any calendar year shall be the aver- 24 age of the consumer price index as of the close of the twelve-month 25 period ending on August thirty-first of such calendar year. 26 (iii) If any amount adjusted under this paragraph is not a multiple of 27 ten thousand dollars, such amount shall be rounded to the nearest multi- 28 ple of ten thousand dollars. 29 § 2. This act shall take effect immediately.