What's happening
This bill repeals New York's estate tax (article 26 of the tax law) and makes related conforming changes.
Why it matters
Eliminating the estate tax could significantly affect wealth transfer and inheritance planning. in New York, especially for high-net-worth individuals and families who may now pass on assets without state-level taxation.
Repealing Article 26 may reduce state tax revenues. , potentially impacting funding for public services or requiring adjustments elsewhere in the budget to make up for the loss.
The bill also removes references to the estate tax in related statutes, clarifying legal language and compliance requirements. for executors, tax preparers, and beneficiaries, and aligning New York law with the absence of a state estate tax.
This change could make New York more attractive to retirees and wealthy individuals. who might otherwise relocate to states without estate taxes, possibly influencing demographic and economic trends over time.
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Who cares
Headline styles
End Estate Tax in NY
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Print number 8591a
- Amend and recommit to ways and means
- Referred to ways and means
- Referred to ways and means
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.
End New York Estate Tax
In Senate Committee · Investigations And Government Operations · Sponsor James Tedisco
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8591--A
2017-2018 Regular Sessions
IN ASSEMBLY
July 10, 2017
Introduced by M. of A. WALSH -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the tax law and the administrative code of the city of New York, in relation to taxable estates; and to repeal article 26 of the tax law relating thereto
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Article 26 of the tax law is REPEALED.
§ 2. Section 1825 of the tax law, as amended by section 20 of part AAA of chapter 59 of the laws of 2017, is amended to read as follows:
§ 1825. Violation of secrecy provisions of the tax law.--Any person who violates the provisions of subdivision (b) of section twenty-one, subdivision one of section two hundred two, subdivision eight of section two hundred eleven, subdivision (a) of section three hundred fourteen, subdivision one or two of section four hundred thirty-seven, section four hundred eighty-seven, subdivision one or two of section five hundred fourteen, subsection (e) of section six hundred ninety-seven, [subsection (a) of section nine hundred ninety-four,] subdivision (a) of section eleven hundred forty-six, section twelve hundred eighty-seven, section twelve hundred ninety-six, subdivision (a) of section fourteen hundred eighteen, subdivision (a) of section fifteen hundred eighteen, subdivision (a) of section fifteen hundred fifty-five of this chapter, and subdivision (e) of section 11-1797 of the administrative code of the city of New York shall be guilty of a misdemeanor.
§ 3. Subdivision (r) of section 11-1712 of the administrative code of the city of New York, as relettered by section 60 of chapter 639 of the laws of 1986 and such section as renumbered by section 43 of chapter 639 of the laws of 1986, is amended to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06351-03-8
A. 8591--A 2
(r) In the case of a sale or other disposition of property acquired from a decedent and valued by the executor of the estate of such decedent [for the purposes of the tax under article twenty-six of the tax law (i) pursuant to paragraph two of subsection (b) of section nine hundred fifty-four of the tax law, or (ii) pursuant to section nine hundred fifty-four-a of the tax law,] where such estate was insufficient to require the filing of a federal estate tax return, the amount necessary to properly reflect the gain or loss from such sale or other disposition which would have been realized under this chapter, had[, in the case of clause (i) of this subdivision,] a federal estate tax return been filed similarly valuing such property pursuant to section two thousand thirty-two of the internal revenue code, or [in the case of clause (ii) of this subdivision,] pursuant to section two thousand thirty-two-A of such code.
§ 4. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.