STATE OF NEW YORK
________________________________________________________________________
3363
2013-2014 Regular Sessions
IN ASSEMBLY
January 25, 2013
___________
Introduced by M. of A. TENNEY -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, in relation to raising the amount of the
New York state estate tax exemption from one million dollars to five
million dollars
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (a) of section 951 of the tax law, as amended by
2 section 1 of part T of chapter 57 of the laws of 2010, is amended to
3 read as follows:
4 (a) Dates. For purposes of this article, any reference to the internal
5 revenue code means the United States Internal Revenue Code of 1986, with
6 all amendments enacted on or before July twenty-second, nineteen hundred
7 ninety-eight, and, unless specifically provided otherwise in this arti-
8 cle, any reference to December thirty-first, nineteen hundred seventy-
9 six or January first, nineteen hundred seventy-seven contained in the
10 provisions of such code which are applicable to the determination of the
11 tax imposed by this article shall be read as a reference to June thirti-
12 eth, nineteen hundred seventy-eight or July first, nineteen hundred
13 seventy-eight, respectively. Notwithstanding the foregoing, the unified
14 credit against the estate tax provided in section two thousand ten of
15 the internal revenue code shall, for purposes of this article, be the
16 amount allowable as if the federal applicable exclusion amount were
17 [one] five million dollars.
18 § 2. This act shall take effect immediately and shall apply to all
19 estates submitted to probate after this act shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03167-01-3
