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NY A04854
Bill
Status
2/6/2009
Primary Sponsor
Marc Alessi
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AI Summary
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Amends New York Tax Law Section 951 to provide an additional estate tax credit for estates that include a family-owned farm engaged in farm product production as defined in Agriculture and Markets Law Section 2
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Additional credit equals the value of the farm, provided the farm is inherited by the decedent's descendants and the heirs continue farm product production on the property
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Maintains existing cap on unified credit (not to exceed the tax on a $1 million federal taxable estate) for all other estates
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Effective immediately and applies to estates of decedents dying on or after January 1, 2010
Legislative Description
An act to amend the tax law, in relation to the amount of the unified credit applied to estates including a family owned farm for purposes of the estate tax
Last Action
held for consideration in ways and means
7/1/2010