What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
2 Co-sponsors
History
- Print number 3694a
- 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 59–0
- Ordered to third reading cal.1328
- Committee discharged and committed to rules
- Reported and committed to finance
- 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.
Relates to the unified credit against the estate tax for purposes of a farm operation
In Assembly Committee · Ways And Means · Sponsor William Magee
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3694A
Title of bill
An act to amend the tax law, in relation to the unified credit against the estate tax
Purpose
This bill amends the Tax Law by increasing the Estate Tax applicable exclusion amount from one million dollars to five million dollars for a farm operation as defined in section three hundred one of the Agriculture and Markets Law.
Summary of provisions
Section 1 amends subsection (a) of section 951 of the Tax Law, as amended by section 1 of part T of chapter 57 of the laws of 2010 to increase the exemption to five million dollars for a farm operation, as defined in section three hundred one of the Agriculture and Markets Law.
Section 2 provides the effective date.
Justification
Currently the unified credit against the estate tax provided in section 2010 of the Internal Revenue Code is the amount allowable as if the federal applicable exclusion amount were one million dollars. This bill adds a unified credit against the estate tax of five million dollars for a farm operation as defined in section 301 of the Agriculture and Markets Law.
The value of real property in New York State has increased substantially in recent years which has correspondingly increased the value of farms. The economics of farming typically requires extensive land holdings to remain profitable and productive. Today, it is not uncommon for a farm of two hundred and fifty acres to have a value well above one million dollars. Therefore, this bill is necessary to maintain the viability of our state's farming operations and provide for an affordable transfer from the present generation of farmers to the next generation. It will also allow New York State to maintain a strong agriculture industry while ensuring that the industry can continue to grow.
Legislative history
New Bill
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately and shall apply to taxable years commencing on and after the first of January next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.