N.Y. Tax Law 991 – Interest accrual relief for additional tax attributable to newly-discovered abandoned property
§ 991. Interest accrual relief for additional tax attributable to newly-discovered abandoned property. Notwithstanding any other provision of law, in computing the interest due on an addition to tax owed by an estate attributable to the inclusion in the estate's federal gross estate of an asset held by the comptroller as abandoned property, the commissioner shall apply the interest rate used by the comptroller, pursuant to § 1405 of the abandoned property law, in computing the interest due on such abandoned property while in the comptroller's possession (including a zero rate if the comptroller did not pay interest on such property) if, as of the date prescribed for the filing of a return required by this article, including any extensions granted for filing, information pertaining to the asset had not yet appeared in the public records of abandoned property required to be maintained by the comptroller pursuant to § 1401 of the abandoned property law.
Terms Used In N.Y. Tax Law 991
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC