Bill > A03193

This bill: - Establishes a separate tax on "inheritance income" - any income excluded from federal adjusted gross income that is received from an estate after the federal estate tax has been paid. This tax applies to New York state residents who receive such inheritance income. - Establishes a separate tax on "gift income" - the value of taxable gifts received by New York state residents and part-year residents. - Amends the computation of the estate tax, including providing a credit against the separate inheritance income tax for estate taxes paid. - Establishes a new gift tax that applies to taxable gifts made on or after January 1, 2024 by New York residents and nonresidents. The bill aims to create new taxes on inheritance and gift income, while also modifying the existing estate tax structure, in order to raise additional revenue for the state of New York.