STATE OF NEW YORK
________________________________________________________________________
498
2025-2026 Regular Sessions
IN ASSEMBLY(Prefiled)
January 8, 2025
___________
Introduced by M. of A. WALSH, HAWLEY, MORINELLO, BARCLAY, BLANKENBUSH,
BRABENEC, FITZPATRICK, TAGUE -- Multi-Sponsored by -- M. of A. ANGELI-
NO, GALLAHAN -- read once and referred to the Committee on Ways and
Means
AN ACT to amend the administrative code of the city of New York, in
relation to taxable estates; and to repeal article 26 of the tax law
relating thereto
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Article 26 of the tax law is REPEALED.
2 § 2. Subdivision (r) of section 11-1712 of the administrative code of
3 the city of New York, as relettered by chapter 639 of the laws of 1986
4 and such section as renumbered by chapter 639 of the laws of 1986, is
5 amended to read as follows:
6 (r) In the case of a sale or other disposition of property acquired
7 from a decedent and valued by the executor of the estate of such dece-
8 dent [for the purposes of the tax under article twenty-six of the tax
9 law (i) pursuant to paragraph two of subsection (b) of section nine
10 hundred fifty-four of the tax law, or (ii) pursuant to section nine
11 hundred fifty-four-a of the tax law,] where such estate was insufficient
12 to require the filing of a federal estate tax return, the amount neces-
13 sary to properly reflect the gain or loss from such sale or other dispo-
14 sition which would have been realized under this chapter, had[, in the
15 case of clause (i) of this subdivision,] a federal estate tax return
16 been filed similarly valuing such property pursuant to section two thou-
17 sand thirty-two of the internal revenue code, or [in the case of clause
18 (ii) of this subdivision,] pursuant to section two thousand thirty-two-A
19 of such code.
20 § 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02788-01-5
