other members of the board shall constitute a quorum for the transaction of the business of the corporation. 3. No member, officer or employee of the corporation shall be disqualified from holding any other public office or employment, nor shall he or she forfeit any such office or employment by reason of his or her appointment hereunder notwithstanding the provisions of any general, special or local law, ordinance, city or county charter. 4. The corporation shall continue until all its liabilities have been met or otherwise discharged and until its existence shall have been terminated by law. Upon the termination of the existence of the corporation, all of its rights and property shall pass to and be vested in the state. 5. corporation shall hold regular [quarterly] meetings at least quarterly and shall [call] hold special meetings on the call of the chairperson or any three members upon giving notice thereof to all members of the corporation at least twenty-four] forty-eight hours in advance. All meetings shall be held and notices filed in accordance with the [freedom of information act] open meetings law. 6. membership. The secretary of the corporation shall be elected from the board 7. The corporation shall be administered by a producing director who shall be appointed by and serve at the pleasure of the board of directors. 8. The producing director shall be the chief executive officer of the corporation, and shall, subject to the direction of the corporation, have general supervision over the administration, artistic standards and operation of the corporation's projects and facility. The producing director shall recommend to the corporation appointments and non-renewal of all other employees of the corporation as prescribed by the rules and regulations pertaining to civil service and professional status according to the laws governing the New York state employees. ing. The producing director and all other employees of the empire state theatre institute existing under the jurisdiction and control of the state university shall be transferred to the corporation as employees of the state of New York, subject to the approval of the director of the budget. Such transfer shall not in any way affect the civil service or professional status, continuity of service, retirement plan status, collective negotiating representation, right to compensation, grade or compensation or other rights and privileges of any employee so transferred. 10. The producing director shall attend all corporation meetings and shall have the right to speak at such meetings, but shall have no vote. 11. The board of directors shall adopt bylaws governing the conduct of its meetings and other matters not included hereunder relating to its organization and operations. and in 12. For purposes of sections seventy-three, seventy-three-a seventy-four of the public officers law, the New York state theatre stitute corporation is a state agency, the officers, members, and employees of which are subject to the provisions thereof. § 9. 13. Reports. 1. For the purposes of furnishing the state with systematic information regarding its status and activities, the corporation shall submit to the governor, the chairpersons of the assembly ways and means and senate finance committees and the [state comptroller] commissioner of taxation and finance within ninety days after the end of the corporation's fiscal year, a complete and detailed report setting forth: (a) its operations and accomplishments; (b) an audited statement by an independent certified public accountant experienced in theatrical productions including its receipts and disbursements, or revenues and expenses, during such fiscal year in accordance with [categories or classifications established by the corporation for its own operating and capital outlay purposes] generally accepted accounting principles; and (c) its assets and liabilities at the end of its fiscal year, including the status of reserve, special or other funds and including the receipts and payments of these funds. 2. The corporation shall annually submit a proposed budget to the director of the budget at the same time as budget requests are required to be submitted by state agencies. The proposed budget shall contain a personal services budget, an operating budget, an equipment budget and an estimate of revenues. In addition, the corporation shall submit an expenditure plan subject to the approval of the director of the budget prior to the allocation of any appropriation. Such expenditure plan shall provide information on such funds and in such detail as may be required by the director of the budget, and any subsequent amendment to such plan shall require the prior approval of the director of the budget. 9. 15. Cooperation and assistance of other agencies. 1. To effect the purposes of this article, the corporation may request from any department, division, commission, or other agency of the state, and the same are authorized and directed to provide such cooperation and assistance and services of processing payroll for the corporation's state employees and other services as would enable the corporation properly to carry out its powers and duties hereunder. 2. The inventory of physical and other assets including the rights to certain plays and other works belonging to the empire state youth theatre institute located at the state university at Albany, at the research foundation of the state university and at the empire state performing arts center shall be transferred to the New York state theatre institute corporation and shall be made immediately available to the corporation for its production, education and operations programs in carrying out the provisions of this article. The transfer of such inventory shall be conducted in consultation with the empire state performing arts center, and shall be subject to the approval of the commissioner of the office of general services. § 2. Section 97-u of the state finance law, as added by a chapter of the laws of 1992, amending the arts and cultural affairs law relating to establishing the New York state theatre institute, the state finance law relating to the New York state theatre institute corporation fund and chapter 53 of of the laws of 1992 and enacting the aid to localities budget, as proposed in legislative bill number A. 11912-A, is amended to read as follows: § 97-u. New York state theatre institute corporation fund. 1. There is hereby established in the custody of the [state comptroller] commissioner of taxation and finance a special account to be known as the "New York state theatre institute corporation fund." 2. All moneys received by the New York state theatre institute corporation reestablished pursuant to article nine of the arts and cultural affairs law from whatever source derived, including but not limited to revenues from theatrical productions, educational services, subleases, concessions, marketing of properties owned or licensed by the corporation, and the sale of such properties, shall be deposited to the exclusive credit of such fund. Said moneys shall be kept separate and shall not be commingled with any other moneys in the custody of the [comptroller] commissioner of taxation and finance. 3. The moneys in said account shall be retained by the corporation through the submission of a business plan to the [state comptroller] commissioner of taxation and finance. Thereafter moneys will be released by the [comptroller] commissioner of taxation and finance, to the corporation and deposited in a general interest-bearing account and such other interest-bearing accounts as the corporation may deem necessary for the transaction of its business and shall be paid out on checks signed by the [chairperson] treasurer of the corporation [board of directors] or such other member of the board or employee as the corporation may authorize. 4. Α11 contributions of real or personal property made to the fund whether by gift, devise or bequest shall qualify as deductions in computing the net taxable income of the donor for the purposes of any income tax imposed by the state or any political subdivision thereof. 5. The cash balances of the accounts in the name of the empire state youth theatre institute held by the state university at Albany are hereby transferred to the New York state theatre institute corporation fund. The state university at Albany is hereby directed to transfer such moneys belonging to the empire state youth theatre institute deposited in an income fund reimbursable account, the university at Albany fund, and the research foundation of the state university account. Such moneys shall be immediately available to the New York state theatre institute corporation for its expenses, including production, travel, operation, printing, leases, and other necessary expenses in carrying out the provisions of article nine of the arts and cultural affairs law. EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law 6. All monies expended for the corporation shall be expended upon warrants filed with the commissioner of taxation and finance, subject to the pre-audit of the comptroller pursuant to section eight of this chapter. § 3. That part of section 1 of chapter 53 of the laws of 1992, enacting the aid to localities budget as added by a chapter of the laws of 1992 amending the arts and cultural affairs law relating to establishing the New York state theatre institute, the state finance law relating to the New York state theatre institute corporation fund and chapter 53 of the laws of 1992 and enacting the aid to localities budget, as proposed in legislative bill number A. 11912-A, are amended to read as follows: NEW YORK STATE THEATRE INSTITUTE CORPORATION General Fund State Purposes Account For services and expenses of the New York State Theatre Institute Corporation. Notwithstanding any inconsistent provision of law, the appropriation made to the state university of New York within the general operating schedule in the amount of one billion, three hundred sixty-eight million, one hundred ninety-two thousand, six hundred dollars ($1,368,192,600) by section 1 of chapter 50 of the laws of 1992 enacting the state operations budget, is reduced by the amount of eight hundred fifty thousand dollars ($850,000) Special Revenue Funds - Other New York State Theatre Institute Corpora- MAINTENANCE UNDISTRIBUTED From moneys received by the New York state theatre institute corporation for theatrical productions and educational services. Notwithstanding any provision of law to the contrary, the [comptroller] commissioner of taxation and finance is hereby authorized and directed to receive for deposit to the credit of the New York state theatre institute corporation account revenues received from fees charged by the New York state theatre institute corporation for admission into theatrical events and educational programs, and all other fees charged or received or charitable donations received in relation to such theatrical productions or educational programs $850,000 $1,000,000 Total for agency aid to localities - all funds $1,850,000 § 4. This act shall take effect on the same date as a chapter of the laws of 1992 amending the arts and cultural affairs law relating to establishing the New York state theatre institute, the state finance law relating to the New York state theatre institute corporation fund and chapter 53 of the laws of 1992 and enacting the aid to localities budget, as proposed in legislative bill number A. 11912-A, takes effect. CHAPTER 826 (See REPEAL NOTE at end of Chapter.) AN ACT to amend the tax law, the banking law, the estates, powers and trusts law and chapter 1013 of the laws of 1962 amending the tax law, relating to the imposition of a tax on the transfer of estates of certain decedents, in relation to conforming the estate and gift tax laws to provisions of the internal revenue code and making other technical and clarifying corrections with respect to the estate and gift taxes and the banking law, and to repeal subsection (c) of section 2036 contained in section 2 of chapter 1013 of the laws of 1962 and subsection (b) of section 2-1. 13 of the estates, powers and trusts law, relating thereto Became a law August 7, 1992, with the approval of the Governor. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. Subsection (a) of section 951 of the tax law, as amended by chapter 190 of the laws of 1990, is amended to read as follows: (a) Dates. For purposes of this article, any reference to the internal revenue code means the United States Internal Revenue Code of 1986, with all amendments enacted on or before [December nineteenth, nineteen hundred eighty-nine] November fifth, nineteen hundred ninety, and, unless specifically provided otherwise in this article, any reference to December thirty-first, nineteen hundred seventy-six or January first, nineteen hundred seventy-seven contained in the provisions of such code which are applicable to the determination of the tax imposed by this article shall be read as a reference to June thirtieth, nineteen hundred seventy-eight or July first, nineteen hundred seventy-eight, respectively. § 2. Subsection (b) of section 952 of the tax law, as amended by chapter 916 of the laws of 1982, is amended to read as follows: (b) Unified credit against estate tax. -A credit shall be allowed to the estate of every decedent against the tax imposed under subsection (a) before application of the credits under section nine hundred fiftyeight-a, nine hundred fifty-nine and nine hundred fifty-nine-a in the following amounts: (1) if the preliminary tentative tax computed under subparagraph (A) of paragraph [one] two of subsection (a) of this section is twenty-seven hundred fifty dollars or less, the credit shall be the full amount of tax; (2) if the preliminary tentative tax computed under subparagraph (A) of paragraph [one] two of subsection (a) of this section is greater than twenty-seven hundred fifty dollars but less than five thousand dollars, the credit shall be the amount by which fifty-five hundred dollars exceeds the tax; (3) if the preliminary tentative tax computed under subparagraph (A) of paragraph [one] two of subsection (a) of this section is five thousand dollars or more, the credit shall be five hundred dollars; (4) the amount of the credit allowed shall not exceed the amount of the tax imposed by subsection (a) of this section before application of the credits. § 3. Paragraph 2 of subsection (b) of section 954 of the tax law, as amended by chapter 190 of the laws of 1990, 1990, is amended to read as follows: (2) If, pursuant to paragraph one of this subsection, such alternate valuation could have been elected but for the absence of an estate sufficient to require the filing of a federal return, the New York gross estate may, nonetheless, upon the election of the executor, be valued as of the federal valuation date or dates which would have applied if a federal return had been filed. No election may be made under this paragraph with respect to an estate unless such election will decrease the value of the New York gross estate and the amount of the tax imposed by this article (reduced by credits allowable against such tax). Any elecEXPLANATION-Matter in italics is new; matter in brackets [ ] is old law tion under this paragraph, once made, shall be irrevocable. The election allowed by this paragraph shall be made no later than one year [and nine months] after the date [of the decedent's death] prescribed for the filing of the return under this article (including extensions) or any time thereafter as the commissioner of taxation and finance may prescribe. § 4. Subsection (c) of section 954-a of the tax law, as amended by chapter 916 of the laws of 1982, is amended to read as follows: (c) Election. -The election under this section shall not be allowed unless a similar election was made with respect to the federal estate tax return required to be filed under the provisions of the internal revenue code. If such election was made for the purposes of the federal estate tax, the time for making the election under this article shall be the same as is required under the federal estate tax. Where no federal estate tax return is required to be filed, the election with respect to the tax imposed under this article shall be made [no later than nine months from the date of the decedent's death or any time thereafter as the tax commission may by regulation prescribe] on the return of the tax imposed by this article. § 5. Paragraph 1 of subsection (c) of section 955 of the tax law, as amended by chapter 446 of the laws of 1984, is amended to read as follows: (1) Except as otherwise provided in this subsection, the election referred to in paragraph (7) of subsection (b) of section two thousand fifty-six of the internal revenue code shall not be allowed under this article unless such election was made with respect to the federal estate tax return required to be filed under the provisions of the internal revenue code. If such election was made for the purposes of the federal estate tax, then such election must also be made by the executor [in such manner as the tax commission shall prescribe] on the return of the tax imposed by this article. Where no federal estate tax return is required to be filed, the executor, [in such manner as the tax commission shall prescribe] on the return of the tax imposed by this article, may nevertheless make the election referred to in such paragraph (7) with respect to the tax imposed under this article. § 6. Paragraph 3 of subsection (e) of section 955 of the tax law, as added by chapter 190 of the laws of 1990, is amended to read as follows: (3) Any election made pursuant to this subsection, once made, shall be irrevocable. If an election pursuant to this subsection is not made, then no marital deduction shall be allowed for a transfer to a surviving spouse who is not a citizen of the United States and subsection (b) of section 2040 of the internal revenue code shall not apply with respect to such transfer. No election may be made under this subsection return if such return is filed more than one year after the time prescribed under this article (including extensions) for filing such returns. on any § 7. Subsection (h) of section 958-a of the tax law, as amended by chapter 916 of the laws of 1982, is amended to read as follows: (h) Election. -The election with respect to the tax imposed under this article shall be made [no later than nine months from the date of the decedent's death or any time thereafter as the tax commission may by regulation prescribe] on the return of the tax imposed by this article. 8. Subsection (d) of section 971-a of the tax law, as added by chapter 190 of the laws of 1990, is amended to read a follows: (d) Requirement of reciprocity. This section shall apply to the estate of a deceased individual who at his death was not a resident of New York state only (i) if the laws of the state of his domicile contain a provision, of any nature or however expressed, whereby this state is given reasonable assurance of the collection of its death taxes, interest and penalties, from the estates of decedents dying domiciled in this state cases where the estates of such decedents are being administered by the probate court of such other state by virtue of original letters testamentary or of administration, or (ii) if the state in which such decedent was domiciled does not grant letters testamentary or of administration in estates of nonresidents [of New York state], until after letters have been issued by the state of domicile. in § 9. Paragraph 2 of subsection (e) of section 975 of the tax law, as added by chapter 190 of the laws of 1990, is amended to read as follows: (2) Liability for tax. If any person fails to serve the notice, allow the examination, or retain a sufficient portion or amount as required by this subsection [(a) of this section], he shall, in addition to any applicable penalties, be liable for payment of the tax and interest due, or thereafter to become due, with respect to such securities, deposits |