NY Tax L § 952 (2021)
2021 New York Laws TAX - Tax Article 26 - Estate Tax Part 1 - Computation of Tax 952 - Tax Imposed.

§ 952. Tax imposed. (a) A tax is hereby imposed on the transfer of the New York estate by every deceased individual who at his or her death was a resident of New York state.  (b)  Computation  of  tax.  The  tax  imposed by this section shall be computed on the deceased resident's New York taxable estate as follows: If the New York taxable estate is:      The tax is: Not over $500,000                       3.06% of taxable estate Over $500,000 but not over $1,000,000   $15,300 plus 5.0% of excess over                                         $500,000 Over $1,000,000 but not over $1,500,000 $40,300 plus 5.5% of excess over                                         $1,000,000 Over $1,500,000 but not over $2,100,000 $67,800 plus 6.5% of excess over                                         $1,500,000 Over $2,100,000 but not over $2,600,000 $106,800 plus 8.0% of excess                                         over $2,100,000 Over $2,600,000 but not over $3,100,000 $146,800 plus 8.8% of excess over                                         $2,600,000 Over $3,100,000 but not over $3,600,000 $190,800 plus 9.6% of excess over                                         $3,100,000 Over $3,600,000 but not over $4,100,000 $238,800 plus 10.4% of excess                                         over $3,600,000 Over $4,100,000 but not over $5,100,000 $290,800 plus 11.2% of excess                                         over $4,100,000 Over $5,100,000 but not over $6,100,000 $402,800 plus 12.0% of excess                                         over $5,100,000 Over $6,100,000 but not over $7,100,000 $522,800 plus 12.8% of excess                                         over $6,100,000 Over $7,100,000 but not over $8,100,000 $650,800 plus 13.6% of excess                                         over $7,100,000 Over $8,100,000 but not over $9,100,000 $786,800 plus 14.4% of excess                                         over $8,100,000 Over $9,100,000 but not over            $930,800 plus 15.2% of excess over $10,100,000                             $9,100,000 Over $10,100,000                        $1,082,800 plus 16.0% of excess                                         over $10,100,000  (c) Applicable credit amount. (1) A credit of  the  applicable  credit amount  shall  be  allowed  against  the  tax imposed by this section as provided in this subsection. In the case of a decedent  whose  New  York taxable  estate is less than or equal to the basic exclusion amount, the applicable credit amount shall be the amount of tax that  would  be  due under subsection (b) of this section on such decedent's New York taxable estate.  In the case of a decedent whose New York taxable estate exceeds the basic exclusion amount by an amount that is less than  or  equal  to five  percent  of such amount, the applicable credit amount shall be the amount of tax that would be due under subsection (b) of this section  if the  amount  on  which the tax is to be computed were equal to the basic exclusion amount multiplied by one minus a fraction,  the  numerator  of which  is  the  decedent's  New  York  taxable  estate  minus  the basic exclusion amount, and the denominator of which is five  percent  of  the basic  exclusion  amount.  Provided, however, that the credit allowed by this subsection shall not exceed the tax imposed by this section, and no credit shall be allowed to the estate of any  decedent  whose  New  York taxable  estate  exceeds one hundred five percent of the basic exclusion amount.  (2) (A) For purposes of this section, the basic exclusion amount shall be as follows: In the case of decedents dying on or after: The basic  exclusion  amount is:  April 1, 2014 and before April 1, 2015       $ 2,062,500 April 1, 2015 and before April 1, 2016       3,125,000 April 1, 2016 and before April 1, 2017       4,187,500 April 1, 2017 and before January 1, 2019     5,250,000  (B)  In the case of any decedent dying in a calendar year beginning on or after January first,  two  thousand  nineteen,  the  basic  exclusion amount shall be equal to:  (i) five million dollars, multiplied by  (ii)  one  plus  the  cost-of-living  adjustment,  which  shall be the percentage by which the consumer price index for the preceding  calendar year  exceeds  the  consumer  price index for calendar year two thousand ten.  (C) (i) For purposes of this paragraph, "consumer price  index"  means the  most  recent consumer price index for all-urban consumers published by the United States department of labor.  (ii)  For  purposes  of  clause  (ii)  of  subparagraph  (B)  of  this paragraph,  the  consumer price index for any calendar year shall be the average of the consumer price index as of the close of the  twelve-month period ending on August thirty-first of such calendar year.  (iii) If any amount adjusted under this paragraph is not a multiple of ten  thousand  dollars,  such  amount  shall  be  rounded to the nearest multiple of ten thousand dollars.