NY S08478

Adds paragraph 39 to section 612(c) of the New York tax law to adjust the basis of property acquired from a decedent for personal income tax purposes.

Applies IRC section 1014 (step-up in basis) as it existed on December 31, 2009, rather than IRC section 1022, when calculating gain or loss on the sale of inherited property.

Requires recalculation of property basis without considering IRC section 1022 of the Internal Revenue Code for decedents who died when section 1022 applied for federal income tax purposes.

Takes effect on the sixtieth day after the bill becomes law.