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History
- Signed chap.27
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.475
- Substituted for A7132A
- Referred to judiciary
- Delivered to assembly
- Passed senateVote 60–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.126
Show 10 earlier actions
- Referred to judiciary
- Committed to rules
- Amended on third reading 3528a
- Restored to third reading
- Substitution reconsidered
- Substituted by A7132
- Advanced to third reading
- 2nd report cal.
- 1st report cal.357
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the renunciation of property interests
Assembly Floor Calendar · Sponsor Charles Lavine
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the estates, powers and trusts law, the general obligations law and the mental hygiene law, in relation to the renunciation of property interests
Purpose of bill
This bill is proposed to revise certain provisions of Section 2-1.11 of the Estates, Powers and Trusts Law pertaining to the renunciation of property interests to make New York practice in this area more consistent with federal tax law.
This bill is a revised version of a bill provided by the Trusts & Estates Law Section of the New York State Bar Association. The previous version was vetoed due to the inclusion of provisions allowing trustees to divert the receipt of funds from individuals receiving benefits from means tested programs such as Medicaid (See Veto Memo. 155 of 2008). Such provisions have been removed from this bill.
Justification
This bill seeks to revise certain provisions of the Estates, Powers and Trusts Law Section 2-1.11 to improve the ability of practitioners to meet its requirements along with those of the federal tax disclaimer act found in the Internal Revenue Code Section 2518. It is of concern that practitioners have often thought that compliance with the provisions of the New York State renunciation statute meant compliance with federal requirements as well. Unfortunately, this is not always the case.
In response, this legislation relocates the compliance warning from the end of the statute to a position where it is difficult to overlook. Parties seeking to renounce under New York law are clearly warned that compliance with the provisions of the New York renunciation statute will not be sufficient under all circumstances to qualify as a disclaimer for federal tax purposes. The proposed legislation also attempts to resolve certain inconsistencies between the two statutes with a goal of making compliance easier under both rules.
Legislative history
New bill, 2009.
Fiscal implications for state and local governments
None.
Effective date
On the first of January next succeeding the date on which it shall become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.