Bill > S02782

This bill: - Creates a separate tax on inheritance income received by New York State residents, with various exclusions and deferrals. The tax rate ranges from 0% to 50%, depending on the amount of inheritance income. - Establishes a separate tax on gift income received by New York State residents and part-year residents, also with various exclusions and deferrals. The tax rate ranges from 0% to 50%, depending on the amount of gift income. - Amends the existing estate tax by modifying the computation of the tax, including providing a credit for lifetime gift taxes paid and reducing the taxable estate by certain amounts related to primary residences, family farms, and family-owned businesses. - Creates a new gift tax that applies to New York taxable gifts made on or after January 1, 2024, with tax rates ranging from 0% to 50% depending on the amount of gifts.