New York Tax Law (Consolidated Laws)
N.Y. Tax Law § 952
Tax imposed
§ 952. Tax imposed.
# (a)
A tax is hereby imposed on the transfer of the
New York estate by every deceased individual who at his or her death was a resident of New York state.
# (b)
Computation of tax. The tax imposed by this section shall be computed on the deceased resident's New York taxable estate as follows:
| If the New York taxable estate is: | The tax is: |
|---|---|
| Not over $500,000 | 3.06% of taxable estate |
| Over $500,000 but not over $1,000,000 | $15,300 plus 5.0% of excess over $500,000 |
| Over $1,000,000 but not over $1,500,000 | $40,300 plus 5.5% of excess over $1,000,000 |
| Over $1,500,000 but not over $2,100,000 | $67,800 plus 6.5% of excess over $1,500,000 |
| Over $2,100,000 but not over $2,600,000 | $106,800 plus 8.0% of excess over $2,100,000 |
| Over $2,600,000 but not over $3,100,000 | $146,800 plus 8.8% of excess over $2,600,000 |
| Over $3,100,000 but not over $3,600,000 | $190,800 plus 9.6% of excess over $3,100,000 |
| Over $3,600,000 but not over $4,100,000 | $238,800 plus 10.4% of excess over $3,600,000 |
| Over $4,100,000 but not over $5,100,000 | $290,800 plus 11.2% of excess over $4,100,000 |
| Over $5,100,000 but not over $6,100,000 | $402,800 plus 12.0% of excess over $5,100,000 |
| Over $6,100,000 but not over $7,100,000 | $522,800 plus 12.8% of excess over $6,100,000 |
| Over $7,100,000 but not over $8,100,000 | $650,800 plus 13.6% of excess over $7,100,000 |
| Over $8,100,000 but not over $9,100,000 | $786,800 plus 14.4% of excess over $8,100,000 |
| Over $9,100,000 but not over | $930,800 plus 15.2% of excess over |
| $10,100,000 | $9,100,000 |
| Over $10,100,000 | $1,082,800 plus 16.0% of excess over $10,100,000 |
(c) Applicable credit amount.
# (1)
A credit of the applicable credit amount shall be allowed against the tax imposed by this section as provided in this subsection. In the case of a decedent whose New York taxable estate is less than or equal to the basic exclusion amount, the applicable credit amount shall be the amount of tax that would be due under subsection (b) of this section on such decedent's New York taxable estate. In the case of a decedent whose New York taxable estate exceeds the basic exclusion amount by an amount that is less than or equal to five percent of such amount, the applicable credit amount shall be the amount of tax that would be due under subsection (b) of this section if the amount on which the tax is to be computed were equal to the basic exclusion amount multiplied by one minus a fraction, the numerator of which is the decedent's New York taxable estate minus the basic exclusion amount, and the denominator of which is five percent of the basic exclusion amount. Provided, however, that the credit allowed by this subsection shall not exceed the tax imposed by this section, and no credit shall be allowed to the estate of any decedent whose New York taxable estate exceeds one hundred five percent of the basic exclusion amount.
# (2)
(A) For purposes of this section, the basic exclusion amount shall be as follows:
In the case of decedents dying on or after: The basic exclusion amount is:
| April 1, 2014 and before April 1, 2015 | $ 2,062,500 |
| April 1, 2015 and before April 1, 2016 | 3,125,000 |
| April 1, 2016 and before April 1, 2017 | 4,187,500 |
| April 1, 2017 and before January 1, 2019 | 5,250,000 |
(B) In the case of any decedent dying in a calendar year beginning on or after January first, two thousand nineteen, the basic exclusion amount shall be equal to:
(i) five million dollars, multiplied by
(ii) one plus the cost-of-living adjustment, which shall be the percentage by which the consumer price index for the preceding calendar year exceeds the consumer price index for calendar year two thousand ten.
(C) (i) For purposes of this paragraph, "consumer price index" means the most recent consumer price index for all-urban consumers published by the United States department of labor.
(ii) For purposes of clause (ii) of subparagraph (B) of this paragraph, the consumer price index for any calendar year shall be the average of the consumer price index as of the close of the twelve-month period ending on August thirty-first of such calendar year.
(iii) If any amount adjusted under this paragraph is not a multiple of ten thousand dollars, such amount shall be rounded to the nearest multiple of ten thousand dollars.
Source: view the official text
In this article (33 sections)
- 951 · Applicable internal revenue code provisions
- 951-A · General provisions and definitions
- 952 · Tax imposed
- 954 · Resident's New York gross estate
- 955 · Resident's New York taxable estate
- 957 · Modification for limited powers of appointment created prior to…
- 958 · Exemptions in other laws not applicable
- 960 · Nonresident's estate tax
- 960-A · Reciprocity
- 961 · Effect of federal determination
- 971 · Estate tax returns
- 971-A · Additional proceedings in estates of non-domiciliary decedents
- 972 · Time and place for filing returns
- 973 · Signing of returns and other documents
- 974 · Payment of tax
- 975 · Liability for tax
- 976 · Extensions of time
- 977 · Requirements concerning returns, notices, records and statements
- 978 · Compromise agreements in cases of disputed domicile
- 979 · Report of change in federal taxable estate, adjusted taxable…
- 979-A · Notification by surrogate to commissioner concerning tax
- 980 · Change of election
- 981 · Discharge from liability
- 982 · Lien for estate tax
- 983 · Surrogates; assistants and clerks; district tax attorneys
- 990 · Applicability of other tax law provisions
- 991 · Interest accrual relief for additional tax attributable to…
- 992 · Addition to tax in the case of valuation understatement
- 994 · Secrecy requirement and penalties for violation
- 997 · Extensions of time for payment of estate tax where estate…
- 998 · Petition to the surrogate's court and appeal
- 999 · Deposit and disposition of revenue
- 999-A · Appendix to article twenty-six