A 498: Repeals the estate tax.

  
  STATE OF NEW YORK ________________________________________________________________________ 498 2025-2026 Regular Sessions  IN ASSEMBLY (Prefiled) January 8, 2025 ___________ Introduced by M. of A. WALSH, HAWLEY, MORINELLO, BARCLAY, BLANKENBUSH, BRABENEC, FITZPATRICK, TAGUE -- Multi-Sponsored by -- M. of A. ANGELI- NO, GALLAHAN -- read once and referred to the Committee on Ways and Means AN ACT to amend the administrative code of the city of New York, in relation to taxable estates; and to repeal article 26 of the tax law relating thereto The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Article 26 of the tax law is REPEALED. 2 § 2. Subdivision (r) of section 11-1712 of the administrative code of 3 the city of New York, as relettered by chapter 639 of the laws of 1986 4 and such section as renumbered by chapter 639 of the laws of 1986, is 5 amended to read as follows: 6 (r) In the case of a sale or other disposition of property acquired 7 from a decedent and valued by the executor of the estate of such dece- 8 dent [for the purposes of the tax under article twenty-six of the tax 9 law (i) pursuant to paragraph two of subsection (b) of section nine 10 hundred fifty-four of the tax law, or (ii) pursuant to section nine 11 hundred fifty-four-a of the tax law,] where such estate was insufficient 12 to require the filing of a federal estate tax return, the amount neces- 13 sary to properly reflect the gain or loss from such sale or other dispo- 14 sition which would have been realized under this chapter, had[, in the 15 case of clause (i) of this subdivision,] a federal estate tax return 16 been filed similarly valuing such property pursuant to section two thou- 17 sand thirty-two of the internal revenue code, or [in the case of clause 18 (ii) of this subdivision,] pursuant to section two thousand thirty-two-A 19 of such code. 20 § 3. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02788-01-5