New York A 1387: Relates to tuition scholarship award programs for certain resident and non-resident medical students

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A01387 Summary:

BILL NOA01387 

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SAME ASNo Same As

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SPONSORDinowitz

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COSPNSR

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MLTSPNSR

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Add §2-1.12-a, EPT L

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Provides a presumption that credit shelter bequests be construed to set aside the maximum amount that may be shielded from both federal and state estate taxes.

Go to top A01387 Actions:

BILL NOA01387 

&nbsp

01/09/2025referred to judiciary

01/07/2026referred to judiciary

Go to topA01387 Committee&nbspVotes:

Go to topA01387 Floor&nbspVotes:

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

Go to topA01387 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1387

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 9, 2025
 ___________

 Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
 tee on Judiciary

 AN ACT to amend the estates, powers and trusts law, in relation to
 providing a presumption that credit shelter bequests be construed to
 set aside the maximum amount that may be shielded from both federal
 and state estate taxes

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

 1 Section 1. The estates, powers and trusts law is amended by adding a
 2 new section 2-1.12-a to read as follows:
 3 § 2-1.12-a Application of formula clause
 4 (a) If: (i) a decedent who is a resident of New York state dies after
 5 March thirty-first, two thousand twenty-five; and
 6 (ii) by reason of the death of such decedent, property passes or is
 7 acquired from such decedent under a will, a trust or a beneficiary
 8 designation which contains a formula providing, in sum or substance, for
 9 a bequest or other disposition of the maximum amount of property that
 10 can be sheltered from federal estate tax by reason of available credits
 11 against such tax; then, unless the governing instrument specifically
 12 provides otherwise by referring to this section, such formula shall be
 13 deemed to refer to the maximum amount of property, if any, that can be
 14 sheltered from both federal estate tax and New York state estate tax by
 15 reason of the applicable credit amount allowable against each of the
 16 federal estate tax liability and the New York state estate tax liabil-
 17 ity.
 18 (b) Notwithstanding paragraph (a) of this section, nothing in this
 19 section shall be deemed to preclude a proceeding from being brought that
 20 seeks an order: (i) construing the decedent's intent concerning the
 21 effect of a formula bequest or other disposition contained in a will,
 22 trust or beneficiary designation, or
 23 (ii) overriding the presumption set forth in subparagraph (ii) of
 24 paragraph (a) of this section.
 25 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03160-01-5

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