N.Y. Tax Law Section 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 Abandoned Property Law § 1405 (Accrual of interest after payment of abandoned property to the state comptroller)section fourteen hundred five 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 Abandoned Property Law § 1401 (Comptroller to maintain public record)section fourteen hundred one of the abandoned property law.

Source: Section 991 — Interest accrual relief for additional tax attributable to newly-discovered abandoned property, https://www.­nysenate.­gov/legislation/laws/TAX/991 (updated Sep. 22, 2014; accessed Dec. 21, 2024).

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Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 991’s source at nysenate​.gov

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