New York S 8367: Increases the value of a motor vehicle exempt from the provisions of a will or intestate distribution for the benefit of the family of a decedent

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S08367 Summary:

BILL NOS08367 

&nbsp

SAME ASSAME AS A08306

&nbsp

SPONSORHOYLMAN-SIGAL

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §5-3.1, EPT L

&nbsp

Increases the value of a motor vehicle exempt from the provisions of a will or intestate distribution for the benefit of the family of a decedent.

Go to top S08367 Actions:

BILL NOS08367 

&nbsp

06/05/2025REFERRED TO RULES

Go to topS08367 Committee&nbspVotes:

Go to topS08367 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS08367 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8367

 2025-2026 Regular Sessions

 IN SENATE

 June 5, 2025
 ___________

 Introduced by Sen. HOYLMAN-SIGAL -- (at request of the Department of
 Motor Vehicles) -- read twice and ordered printed, and when printed to
 be committed to the Committee on Rules

 AN ACT to amend the estates, powers and trusts law, in relation to the
 value of a motor vehicle exempt from the provisions of a will or
 intestate distribution for the benefit of the family of a decedent

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subparagraph 5 of paragraph (a) of section 5-3.1 of the
 2 estates, powers and trusts law, as amended by chapter 437 of the laws of
 3 2010, is amended to read as follows:
 4 (5) One motor vehicle not exceeding in value [twenty-five] fifty thou-
 5 sand dollars. In the alternative, if the decedent shall have been the
 6 owner of one or more motor vehicles each of which exceed [twenty-five]
 7 fifty thousand dollars in value, the surviving spouse or decedent's
 8 children may acquire one such motor vehicle from the estate, regardless
 9 of the fact that the decedent may also have been the owner of another
 10 motor vehicle of lesser value than [twenty-five] fifty thousand dollars,
 11 by payment to the estate of the amount by which the value of the motor
 12 vehicle exceeds [twenty-five] fifty thousand dollars; in lieu of receiv-
 13 ing such motor vehicle, the surviving spouse or children may elect to
 14 receive in cash an amount equal to the value of the motor vehicle, not
 15 to exceed [twenty-five] fifty thousand dollars. If any motor vehicle so
 16 acquired by the spouse or children of the decedent was a specific legacy
 17 in decedent's will, the payment to the estate of the amount by which the
 18 value of the motor vehicle exceeds [twenty-five] fifty thousand dollars
 19 shall vest in the specific legatee.
 20 § 2. This act shall take effect on the first of January next succeed-
 21 ing the date on which it shall have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09978-01-5

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