The 2015-16 legislative session recessed on June 17, 2015. It is instructive to review what has passed so far, what failed to pass before the June recess and what lies ahead before the session resumes in January.1 Among the most noteworthy measures are the following:
1. Trusts and Estates Related Changes of the Executive Budget for 2015-2016 (Enacted April 13, 2015).2 The 2014-15 Executive Budget brought many substantial changes to New York law, including increases in the estate tax exemption amount, a resulting dramatic estate tax cliff, a gift add-back and changes to the taxation of resident trusts. In contrast, the 2015-16 Executive Budget brought mainly clarifications and corrections to New York’s trusts and estates laws.
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