• Estate, Gift and Trust Provisions in New York State 2014-15 Budget: New York State 2014-15 Budget Makes Changes to the Taxation of Estates and Gifts and the Income Taxation of Certain Trusts
  • April 15, 2014
  • Law Firm: Sullivan Cromwell LLP - New York Office
  • On March 31, 2014, Governor Andrew Cuomo signed into law the New York State 2014-15 Budget (the “Budget”). This memorandum describes the changes made by the Budget to the taxation of estates and gifts and the income taxation of certain trusts. We will be distributing a separate memorandum addressing the corporation, bank and other tax provisions in the Budget, which may be obtained by following the instructions at the end of this memorandum.