NY A01185

Repeals paragraphs (d) and (e) of section 11-1.5 of the Estates, Powers and Trusts Law and subdivision 7 of section 2102 of the Surrogate's Court Procedure Act

Requires fiduciaries to distribute income to beneficiaries receiving pecuniary amounts outright, commencing seven months from the date of death or when letters testamentary/of administration are granted

Sets the income distribution rate at the target Federal Funds Rate announced by the Federal Reserve Board (or the high of that range if a range is provided) minus one percent, with a minimum floor of one-half of one percent

Income factor is set or reset on the first business day of each calendar year and remains fixed for that year

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