NY Votes To Remove 6% Interest On Delayed Estate Payments

Law360, New York (March 20, 2014, 4:07 PM EDT) -- New York's Legislature approved legislation Thursday to smooth estate disputes, remove a statutory 6 percent interest rate tied to delays in payment — a move bankers have said better reflects changing interest rate environments — and give estates paying such interest more favorable tax treatment.

Sponsored in the Senate and Assembly by respective Judiciary Chairs John J. Bonacic and Helene E. Weinstein, the measure flew through the Senate on a 55-0 vote after having passed the Assembly in January.

Gov. Andrew Cuomo has not indicated whether...
To view the full article, register now.