Bill > S01135

This bill repeals Article 26 of the New York State tax law, which relates to the estate tax, effectively eliminating the state's estate tax. The bill modifies a section of the New York City administrative code that previously referenced valuation of property inherited from a decedent for tax purposes. Specifically, it removes language related to federal estate tax return filing requirements and property valuation methods. The existing law previously provided guidance on how to calculate gains or losses on property inherited when an estate was not large enough to require a federal estate tax return. By repealing Article 26 and removing these references, the bill effectively eliminates the state-level estate tax in New York. The legislation is straightforward and would take effect immediately upon passage, meaning that estates would no longer be subject to New York State estate taxation. This change could potentially make New York more attractive for wealthy individuals concerned about estate taxes.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S1135