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Sponsors
1 Co-sponsor
3 Multi-sponsors
History
- Referred to ways and means
Full text
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Sponsor's memo
BILL NUMBER:A10530
Title of bill
An act to amend the tax law and 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
Purpose or general idea of bill
The purpose of this bill is to repeal New York State's estate tax.
Summary of specific provisions
Section one repeals Article 26 of the tax law.
Section two amends paragraph 1 of subsection (b) of section 1023 of the tax law, removing language relating to Article 26, and language related to section nine hundred ninety-two.
Section three amends section 1825 of the tax law removing language relating to subsection (a) of section nine hundred ninety-four.
Section four amends subsection (r) of section 11-1712 of the New York city administrative code removing language referring to Article 26 of the tax law.
Section five notes when the act shall take effect.
Justification
New York's estate tax penalizes family owned and closely-held businesses throughout the state which has caused a state wide exodus of many of our brightest business minds and the capital they possess to other states within the country. This is the very capital necessary to create new technologies, new businesses, and new jobs. In 2004 the National Bureau of Economic Research revealed that a 1 percent differential in estate tax rates was associated with a 4 percent reduction in the number of residents in a given state. Eliminating the estate tax will encourage residents to remain in New York and continue living and doing business here in the Empire State.
Prior legislative history
2008: A.7211; Held for consideration in Ways and Means 2007: A.7211; Referred to Ways and Means 2006: A.10631; Referred to Ways and Means
Fiscal implications for state and local governments
Decrease of $577.2 million in State revenues.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.