N.Y. Tax Law § 952 — Tax imposed

§ 952. Tax imposed. (a) A tax is hereby imposed on the transfer of the\nNew York estate by every deceased individual who at his or her death was\na resident of New York state.\n (b) Computation of tax. The tax imposed by this section shall be\ncomputed on the deceased resident's New York taxable estate as follows:\nIf the New York taxable estate is: The tax is:\nNot over $500,000 3.06% of taxable estate\nOver $500,000 but not over $1,000,000 $15,300 plus 5.0% of excess over\n $500,000\nOver $1,000,000 but not over $1,500,000 $40,300 plus 5.5% of excess over\n $1,000,000\nOver $1,500,000 but not over $2,100,000 $67,800 plus 6.5% of excess over\n $1,500,000\nOver $2,100,000 but not over $2,600,000 $106,800 plus 8.0% of excess\n over $2,100,000\nOver $2,600,000 but not over $3,100,000 $146,800 plus 8.8% of excess over\n $2,600,000\nOver $3,100,000 but not over $3,600,000 $190,800 plus 9.6% of excess over\n $3,100,000\nOver $3,600,000 but not over $4,100,000 $238,800 plus 10.4% of excess\n over $3,600,000\nOver $4,100,000 but not over $5,100,000 $290,800 plus 11.2% of excess\n over $4,100,000\nOver $5,100,000 but not over $6,100,000 $402,800 plus 12.0% of excess\n over $5,100,000\nOver $6,100,000 but not over $7,100,000 $522,800 plus 12.8% of excess\n over $6,100,000\nOver $7,100,000 but not over $8,100,000 $650,800 plus 13.6% of excess\n over $7,100,000\nOver $8,100,000 but not over $9,100,000 $786,800 plus 14.4% of excess\n over $8,100,000\nOver $9,100,000 but not over $930,800 plus 15.2% of excess over\n$10,100,000 $9,100,000\nOver $10,100,000 $1,082,800 plus 16.0% of excess\n over $10,100,000\n (c) Applicable credit amount. (1) A credit of the applicable credit\namount shall be allowed against the tax imposed by this section as\nprovided in this subsection. In the case of a decedent whose New York\ntaxable estate is less than or equal to the basic exclusion amount, the\napplicable credit amount shall be the amount of tax that would be due\nunder subsection (b) of this section on such decedent's New York taxable\nestate. In the case of a decedent whose New York taxable estate exceeds\nthe basic exclusion amount by an amount that is less than or equal to\nfive percent of such amount, the applicable credit amount shall be the\namount of tax that would be due under subsection (b) of this section if\nthe amount on which the tax is to be computed were equal to the basic\nexclusion amount multiplied by one minus a fraction, the numerator of\nwhich is the decedent's New York taxable estate minus the basic\nexclusion amount, and the denominator of which is five percent of the\nbasic exclusion amount. Provided, however, that the credit allowed by\nthis subsection shall not exceed the tax imposed by this section, and no\ncredit shall be allowed to the estate of any decedent whose New York\ntaxable estate exceeds one hundred five percent of the basic exclusion\namount.\n (2) (A) For purposes of this section, the basic exclusion amount shall\nbe as follows:\nIn the case of decedents dying on or after: The basic exclusion amount\nis:\nApril 1, 2014 and before April 1, 2015 $ 2,062,500\nApril 1, 2015 and before April 1, 2016 3,125,000\nApril 1, 2016 and before April 1, 2017 4,187,500\nApril 1, 2017 and before January 1, 2019 5,250,000\n (B) In the case of any decedent dying in a calendar year beginning on\nor after January first, two thousand nineteen, the basic exclusion\namount shall be equal to:\n (i) five million dollars, multiplied by\n (ii) one plus the cost-of-living adjustment, which shall be the\npercentage by which the consumer price index for the preceding calendar\nyear exceeds the consumer price index for calendar year two thousand\nten.\n (C) (i) For purposes of this paragraph, "consumer price index" means\nthe most recent consumer price index for all-urban consumers published\nby the United States department of labor.\n (ii) For purposes of clause (ii) of subparagraph (B) of this\nparagraph, the consumer price index for any calendar year shall be the\naverage of the consumer price index as of the close of the twelve-month\nperiod ending on August thirty-first of such calendar year.\n (iii) If any amount adjusted under this paragraph is not a multiple of\nten thousand dollars, such amount shall be rounded to the nearest\nmultiple of ten thousand dollars.\n