2023 New York Laws › TAX - Tax › Article 26 - Estate Tax › Part 1 - Computation of Tax › 954 - Resident's New York Gross Estate.

§  954.  Resident's New York gross estate. (a) General.-- The New York
gross estate of a deceased resident  means  his  or  her  federal  gross
estate as defined in the internal revenue code (whether or not a federal
estate tax return is required to be filed) modified as follows:
(1)  Reduced by the value of real or tangible personal property having
an actual situs outside New York state.
(2) Increased by the amount  determined  under  section  nine  hundred
fifty-seven  of  this  part  (relating  to limited powers of appointment
created prior to September first, nineteen hundred thirty).
(3) Increased by the amount of any taxable gift under section 2503  of
the  internal  revenue  code  not  otherwise  included in the decedent's
federal gross estate, made during the three year period  ending  on  the
decedent's  date of death, but not including any gift made: (A) when the
decedent was not a resident of New  York  state;  or  (B)  before  April
first, two thousand fourteen; or (C) between January first, two thousand
nineteen  and  January  fifteenth, two thousand nineteen; or (D) that is
real or tangible personal property having an actual  situs  outside  New
York  state  at  the time the gift was made. Provided, however that this
paragraph shall not apply to the estate of a decedent dying on or  after
January first, two thousand twenty-six.
(4)  Increased  by  the  value  of  any property not otherwise already
included in the decedent's federal gross estate in  which  the  decedent
had  a qualifying income interest for life if a deduction was allowed on
the return of the tax imposed  by  this  article  with  respect  to  the
transfer  of  such property to the decedent by reason of the application
of paragraph (7) of subsection (b)  of  section  2056  of  the  internal
revenue  code,  as made applicable to the tax imposed by this article by
section nine hundred ninety-nine-a of this article,  whether  or  not  a
federal  estate tax return was required to be filed by the estate of the
transferring spouse.
(b) Valuation. -- (1) The New York gross estate shall be valued as  of
the  time  of  the decedent's death, except that if a federal estate tax
return is filed and the alternate valuation under section  2032  of  the
internal  revenue  code  is elected for federal estate tax purposes, the
New York gross estate shall be  valued  as  of  the  applicable  federal
valuation  date  or dates. Any real property qualified under section two
thousand thirty-two-A of the internal revenue code shall have  the  same
value  for  purposes  of the New York gross estate as it has for federal
estate tax purposes.
(2) If such alternate valuation could have been  elected  pursuant  to
paragraph  one  of  this  subsection,  but  for the absence of an estate
sufficient to require the filing of a federal return, the New York gross
estate may, upon the election of the  executor,  be  valued  as  of  the
federal  valuation  date  or dates which would have applied if a federal
return had been filed. However, no  election  may  be  made  under  this
paragraph  unless  such election will decrease the value of the New York
gross estate and the amount of tax imposed by this article  (reduced  by
credits  allowable  against  such  tax).  Any  election  made under this
paragraph shall be irrevocable. The election allowed by  this  paragraph
shall  be  made  no later than the date prescribed for the filing of the
return under this article (including extensions) or any time  thereafter
as the commissioner may prescribe.
(c)  Cross  references.--  (1)  For provisions of the internal revenue
code defining the federal gross estate, see:
Sec. 2031. Definition of gross estate.
Sec. 2032. Alternate valuation.
Sec. 2032A. Valuation of certain farm, etc., real property.
Sec. 2033. Property in which the decedent had an interest.
Sec. 2034. Dower or curtesy interest.
Sec. 2035. Adjustments for gifts made within three years of decedent's
death.
Sec. 2036. Transfers with retained life estate.
Sec. 2037. Transfers taking effect at death.
Sec. 2038. Revocable transfers.
Sec. 2039. Annuities.
Sec. 2040. Joint interests.
Sec. 2041. Powers of appointment.
Sec. 2042. Proceeds of life insurance.
Sec. 2043. Transfers for insufficient consideration.
Sec. 2044. Certain property for which marital deduction was previously
allowed.
Sec. 2045. Prior interests.
Sec. 2046. Disclaimers.
(2)  For  provisions of the internal revenue code which, except to the
extent they are inconsistent with the provisions of  this  article,  are
pertinent  to  the  computation  of taxable gifts and the tax under this
article, see:
Sec. 2503. Taxable gifts.
Sec. 2511. Transfers in general.
Sec. 2512. Valuation of gifts.
Sec. 2513. Gift by husband or wife to third party.
Sec. 2514. Powers of appointment.
Sec. 2516. Certain property settlements.
Sec. 2518. Disclaimers.
Sec. 2519. Dispositions of certain life estates.
Sec. 2522. Charitable and similar gifts.
Sec. 2523. Gift to spouse.
Sec. 2524. Extent of deductions.
Sec. 2701. Special valuation rules in case  of  transfers  of  certain
interests in corporations or partnerships.
Sec.  2702.  Special valuation rules in case of transfers of interests
in trusts.
Sec. 2703. Certain rights and restrictions disregarded.
Sec. 2704. Treatment of certain lapsing rights and restrictions.
Sec. 7872. Treatment of loans with below-market interest rates.
(3) For effect of federal estate tax determinations, see section  nine
hundred sixty-one of this article.