New York bill proposes separate taxes on inheritance and gift income, modifies estate tax computation, and establishes a gift tax.

The bill amends New York's tax law by introducing separate taxes on inheritance and gift income. It modifies the computation of the estate tax and establishes a gift tax. The inheritance tax applies to income received from estates, with specific exclusions for certain transfers like educational or medical expenses and spousal transfers. The gift tax applies to gifts received by New York residents, with exclusions for certain transfers. The bill also allows deferrals for certain inheritances and gifts, such as primary residences and family-owned businesses.

New York bill proposes separate taxes on inheritance and gift income, modifies estate tax computation, and establishes a gift tax.

The bill amends New York's tax law by introducing separate taxes on inheritance and gift income. It modifies the computation of the estate tax and establishes a gift tax. The inheritance tax applies to income received from estates, with specific exclusions for certain transfers like educational or medical expenses and spousal transfers. The gift tax applies to gifts received by New York residents, with exclusions for certain transfers. The bill also allows deferrals for certain inheritances and gifts, such as primary residences and family-owned businesses.