Bill > A00498

This bill repeals Article 26 of the New York tax law, which relates to estate taxes, effectively eliminating the state's estate tax. The bill modifies a section of the New York City administrative code to remove references to specific provisions of the estate tax law. The changes streamline language related to property valuation and gain/loss calculation in cases where an estate was not required to file a federal estate tax return. By repealing the entire article of tax law, the bill would end the state's current estate tax regime, which typically imposes taxes on estates that exceed a certain value. This change would eliminate the financial burden of estate taxes for many New York residents and potentially make the state more attractive for wealthy individuals and families concerned about estate taxation. The bill is designed to take effect immediately upon passage.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A498