New York S 1135: Relates to African American history and achievement

Bill Text

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S01135 Summary:

BILL NOS01135 

&nbsp

SAME ASSAME AS A00498

&nbsp

SPONSORTEDISCO

&nbsp

COSPNSRRHOADS, WEBER

&nbsp

MLTSPNSR

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Rpld Art 26, Tax L; amd §11-1712, NYC Ad Cd

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Repeals the estate tax.

Go to top S01135 Actions:

BILL NOS01135 

&nbsp

01/08/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS01135 Committee&nbspVotes:

Go to topS01135 Floor&nbspVotes:

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

Go to topS01135 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1135

 2025-2026 Regular Sessions

 IN SENATE

 January 8, 2025
 ___________

 Introduced by Sen. TEDISCO -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend 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 Assem-
 bly, do enact as follows:

 1 Section 1. Article 26 of the tax law is REPEALED.
 2 § 2. Subdivision (r) of section 11-1712 of the administrative code of
 3 the city of New York, as relettered by chapter 639 of the laws of 1986
 4 and such section as renumbered by chapter 639 of the laws of 1986, is
 5 amended to read as follows:
 6 (r) In the case of a sale or other disposition of property acquired
 7 from a decedent and valued by the executor of the estate of such dece-
 8 dent [for the purposes of the tax under article twenty-six of the tax
 9 law (i) pursuant to paragraph two of subsection (b) of section nine
 10 hundred fifty-four of the tax law, or (ii) pursuant to section nine
 11 hundred fifty-four-a of the tax law,] where such estate was insufficient
 12 to require the filing of a federal estate tax return, the amount neces-
 13 sary to properly reflect the gain or loss from such sale or other dispo-
 14 sition which would have been realized under this chapter, had[, in the
 15 case of clause (i) of this subdivision,] a federal estate tax return
 16 been filed similarly valuing such property pursuant to section two thou-
 17 sand thirty-two of the internal revenue code, or [in the case of clause
 18 (ii) of this subdivision,] pursuant to section two thousand thirty-two-A
 19 of such code.
 20 § 3. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02788-01-5

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