New York State Assembly

Bill No.:  

 
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A03226 Summary:

BILL NO	A03226
SAME AS	SAME AS S06080
SPONSOR	Dinowitz
COSPNSR
MLTSPNSR
Add §2-1.12-a, EPT L
Relates to providing a presumption that credit shelter bequests be construed to set aside the maximum amount that may be shielded from both federal and state estate taxes.

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A03226 Actions:

BILL NO	A03226
01/29/2019	referred to judiciary
05/07/2019	reported referred to ways and means
01/08/2020	referred to ways and means

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A03226 Committee Votes:

Committee:JUDICIARY   Chair:Dinowitz      
DATE:05/07/2019AYE/NAY:20/0  Action: Favorable refer to committee Ways and Means        
Dinowitz
Aye
Palumbo
Aye
Titus
Excused
Montesano
Aye
Lavine
Aye
Goodell
Aye
Zebrowski
Aye
Norris
Aye
Weprin
Aye
Walsh
Aye
Braunstein
Aye
Byrnes
Aye
Simotas
Aye
Quart
Aye
Buchwald
Aye
Steck
Aye
Seawright
Aye
Joyner
Aye
Abinanti
Aye
Wright
Aye
Wallace
Aye

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A03226 Floor Votes:

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A03226 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3226
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 29, 2019
                                       ___________
 
        Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
          tee on Judiciary
 
        AN  ACT  to  amend  the  estates,  powers and trusts law, in relation to
          providing a presumption that credit shelter bequests be  construed  to
          set  aside  the  maximum amount that may be shielded from both federal
          and state estate taxes

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  The estates, powers and trusts law is amended by adding a
     2  new section 2-1.12-a to read as follows:
     3  § 2-1.12-a Application of formula clause
     4    (a) If: (i) a decedent who is a resident of New York state dies  after
     5  March thirty-first, two thousand nineteen; and
     6    (ii)  by  reason  of the death of such decedent, property passes or is
     7  acquired from such decedent under a  will,  a  trust  or  a  beneficiary
     8  designation which contains a formula providing, in sum or substance, for
     9  a  bequest  or  other disposition of the maximum amount of property that
    10  can be sheltered from federal estate tax by reason of available  credits
    11  against  such  tax;  then,  unless the governing instrument specifically
    12  provides otherwise by referring to this section, such formula  shall  be
    13  deemed  to  refer to the maximum amount of property, if any, that can be
    14  sheltered from both federal estate tax and New York state estate tax  by
    15  reason  of  the  applicable  credit amount allowable against each of the
    16  federal estate tax liability and the New York state estate  tax  liabil-
    17  ity.
    18    (b)  Notwithstanding  paragraph  (a)  of this section, nothing in this
    19  section shall be deemed to preclude a proceeding from being brought that
    20  seeks an order: (i) construing  the  decedent's  intent  concerning  the
    21  effect  of  a  formula bequest or other disposition contained in a will,
    22  trust or beneficiary designation, or
    23    (ii) overriding the presumption set  forth  in  subparagraph  (ii)  of
    24  paragraph (a) of this section.
    25    § 2. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01346-01-9

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