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Who cares
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Sponsors
2 Co-sponsors
History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 56–2
- Ordered to third reading cal.149
- Referred to rules
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 estate tax where such estate includes 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
Title of bill
An act to amend the tax law, in relation to the estate tax where the estate includes a farm operation
Purpose
To allow estates that include farm operations, where the value of the farm operations are a majority of the estate, to have an exclusion amount equal to the federal exclusion amount starting April 1, 2016.
Summary of provisions
Section one amends the Estate Tax Section 952 of the tax law to accelerate by three years the increase of the exemption level to equal the federal exemption level for estates that mainly consist of a farm operations.
Section two is the effective date.
Justification
Lowering New York's estate tax is necessary to preserve the tradition of family farming by making it easier to transfer farm businesses to the next generation. This bill will advance a plan to eliminate the estate tax on farms valued up to the federal exemption amount of $5.45 million three years early, preserving family farm businesses and providing peace of mind to more small farmers.
In 2014 the estate tax was amended to increase the exclusion amount from $1 million to $2,062,500 for those dying in State Fiscal Year 2014-15; $3,125,000 in SFY 2015-16; $4,187,500 in SFY 2016-17; and $5,250,000 from April 1, 2017 to December 31, 2018.In addition, the 2014 amendments provided that for those dying on or after January 1, 2019 the exclusion will equal the Federal basic exclusion amount with annual indexing for inflation.
Legislative history
New bill
Fiscal implications
This bill will reduce estate tax revenues by $20 million annually, beginning in SFY 2017-18.
Effective date
Immediately and shall be effective for those dying after April 1, 2016.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.