NY A10047

Repeals paragraphs (d) and (e) of section 11-1.5 of the estates, powers and trusts law relating to interest on delayed legacies

Requires fiduciaries to distribute income to beneficiaries receiving pecuniary amounts outright, commencing seven months after either the date of death or when letters are granted

Sets the income factor for delayed legacies at the Federal Reserve's target federal funds rate (or the high of that range if a range is announced) minus one percent, with a minimum floor of one-half of one percent

Repeals subdivision 7 of section 2102 of the surrogate's court procedure act

Takes effect 60 days after enactment and applies to estates of decedents who died on or after the effective date