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History
- 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 raising the amount of the New York state estate tax exemption from one million dollars to five million dollars
In Assembly Committee · Ways And Means · Sponsor Claudia Tenney
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6153
Title of bill
An act to amend the tax law, in relation to raising the amount of the New York state estate tax exemption from one million dollars to five million dollars
Purpose or general idea of bill
The purpose of the bill is increase the amount of estate tax exemption from $1 million to $5 million in order to conform with the current federal applicable exclusion.
Summary of specific provisions
Section 1 of the bill amends subsection (a) of section 951 of the tax law by increasing the estate tax exemption to match the federal applica- ble exclusion amount of $5 million.
Section 2 of the bill sets forth an immediate effective date.
Justification
The New York State estate tax law only conforms to the federal estate tax laws that were enacted before 1998. They have not changed since then, especially not after the Economic Growth and Tax Relief Reconcil- iation Act of 2001 was enacted.
The current New York State Estate Tax penalizes family owned and close- ly-held businesses throughout the state, which has caused a state 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.
This legislation would increase the estate tax threshold from one million to five million dollars (the current Federal Estate Tax thresh- old).
Increasing the threshold of the estate tax will encourage residents/small businesses, to remain living and doing business in New York.
Prior legislative history
A3363/2013 (Tenney)
Fiscal implications
To Be Determined.
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.