Bill > S03462

This bill proposes the following key provisions: 1. Establishing a separate tax on inheritance income received by New York residents, with exemptions for certain types of transfers like educational/medical expenses, spousal transfers, and transfers of retirement accounts and family farms. Residents receiving inheritance income above certain thresholds would be subject to tax rates ranging from 0% to 50%. 2. Establishing a separate tax on gift income received by New York residents, with similar exemptions as for the inheritance tax. Residents receiving gift income above certain thresholds would be subject to tax rates ranging from 0% to 50%. 3. Amending the New York estate tax by lowering the exemption threshold to $750,000 and increasing the tax rates up to 50% for estates over $30 million. 4. Establishing a new gift tax, with rates ranging from 0% to 50% for taxable gifts above $750,000. The bill aims to create additional taxes on high-value inheritances, gifts, and estates in New York, with the goal of generating additional state revenue.