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A09757 Summary:

A09757 Actions:

A09757 Floor Votes:

A09757 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9757
 
                   IN ASSEMBLY
 
                                      May 20, 2014
                                       ___________
 
        Introduced  by  M.  of  A.  BRAUNSTEIN,  WEINSTEIN -- (at request of the
          Office of Court Administration) --  read  once  and  referred  to  the
          Committee on Judiciary
 
        AN  ACT  to amend the estates, powers and trusts law, in relation to the
          exercise of a power of appointment and an authorized trustee's author-
          ity to invade trust principal
 

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subparagraph 10 of paragraph (s) of section 10-6.6 of the
     2  estates, powers and trusts law, as added by chapter 482 of the  laws  of
     3  2013, is amended to read as follows:
     4    (10)  The  creator  shall  not be considered to be a beneficiary of an
     5  invaded or appointed trust by reason of the trustee's authority  to  pay
     6  trust  principal  to  the  creator pursuant to section [7-1.1] 7-1.11 of
     7  this chapter or by reason of the trustee's  authority  under  the  trust
     8  instrument or any other provision of law to pay or reimburse the creator
     9  for  any  tax  on trust income or trust principal that is payable by the
    10  creator under the law imposing such tax or to pay any such tax  directly
    11  to the taxing authorities.

    12    §  2.  This  act  shall take effect immediately and shall be deemed to
    13  have been in full force and effect on and after November 13, 2013.
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14936-01-4