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History
- Print number 3035a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Returned to senate
- Died in assembly
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 49–14
- Advanced to third reading
- 2nd report cal.
- 1st report cal.998
- Reported and committed to finance
Show 1 earlier action
- Referred to investigations and government operations
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.
Raises the threshold for estate tax under applicable internal revenue code provisions
In Assembly Committee · Ways And Means · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3035A
Title of bill
An act to amend the tax law, in relation to raising the threshold for estate tax under applicable internal revenue code provisions
Purpose
The purpose of this bill is to increase the estate tax threshold over a period of four years beginning with $1 million estates.
Summary of provisions
Section 1: amends Subsection (a) of section 951 of the tax law by section 1 of part T of chapter 57 of the laws of 2010.
Section 2: Establishes the effective date.
Justification
The New York State estate tax creates a disincentive for those with estates $1 million or over to remain New York State residents. When assets and residences leave the state New York loses population and all of the tax revenue from such estates and incomes. Some studies have demonstrated that states with lower or no estate taxes have benefited from increased numbers of new residents compared to states with high estate taxes. Changing the threshold for estate taxes will encourage residents to remain in New York and continue living and doing business in New York State.
Legislative history
S.6015A/A8681A of 2011-2012
Fiscal implications
$5M when fully phased in, however, this would likely be offset by those individuals who might otherwise establish an out of state domicile as a result of the current threshold.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.