EPTL 2-1.12 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 2-1.11 Renunciation of property interests up PART 1 Substantive Rules Governing Dispositions next SECTION 2-1.13 Certain formula clauses to be construed to refer to the federal Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 2-1.12 Credit shelter formula bequests Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 2, PART 1 § 2-1.12 Credit shelter formula bequests If: (a) the decedent dies after January thirty-first, two thousand; and (b) by reason of the death of the decedent property passes or is acquired from the decedent under a will executed or a trust created prior to February first, two thousand which contains a formula providing, in sum or substance, for a bequest of the maximum amount of property that can be sheltered from federal estate tax by reason of available credits against such tax; and (c) such formula was not amended at any time after January thirty-first, two thousand and before the death of the decedent, then, unless the instrument containing such formula specifically provides that there are non-tax reasons for taking the federal credit for state death taxes into account, such formula shall be deemed not to include a reference to the federal credit for state death taxes.