ET 501 Et501 110

User Manual: ET-501

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ET-501

New York State Department of Taxation and Finance

Generation-Skipping Transfer
Tax Return for Terminations

For office use only

(1/10)

For terminations made after May 25, 1990, and before January 1, 2010
Calendar year

Name of trust

EIN of trust

Name of trustee filing return

Address of trustee (number and street or post office box)

Name and title of officer representing trustee

City

State

1 Maximum state generation‑skipping transfer tax credit
  
allowable (see instructions). ....................................................

x 0.0275 =

ZIP code

1.

Proration of the credit for state generation‑skipping transfer tax (if the taxable termination included
	  non-New York property, complete lines 2, 3, and 4; otherwise enter the amount from line 1 on line 5)
2 Gross value of New York property included in the taxable termination
		  for federal generation‑skipping transfer tax purposes (see instr.) ...... 	 2.
3 Gross value of all property included in the taxable termination for
		  federal generation-skipping transfer tax purposes (see instr.) ........ 3.
4 Divide line 2 by line 3 (round the result to the fourth decimal place) . ...........................................................
5 New York State generation‑skipping transfer tax (Multiply line 1 by line 4. If no entries are made on lines 2, 3,
  	  and 4, enter the amount from line 1) . ............................................................................................................
6 Estimated payment (see instructions)............................................................................................................
7 If line 6 is less than line 5, subtract line 6 from line 5. This is the amount you owe ..................................
8 If line 6 is greater than line 5, subtract line 5 from line 6. This is the amount to be refunded to you ........

4.
5.
6.
7.
8.

Attach a copy of your federal generation‑skipping transfer tax return, Form 706‑GS(T), along with all supporting schedules and documents.
Signature of trustee or officer representing trustee

Date

E-mail address of trustee or officer representing trustee

Signature of paid preparer

Date

E-mail address of paid preparer

Paid preparer’s name

Paid preparer’s address

Instructions
General information
The New York State generation-skipping transfer (GST) tax is based on
the credit for state GST taxes allowed against the federal GST tax prior
to the changes made by the federal Economic Growth and Tax Relief
Reconciliation Act of 2001 (EGTRRA).
The New York State GST tax applies to taxable distributions and taxable
terminations from a trust to a skip person, if the trust includes New York
property. The tax does not apply to direct skips, and the distribution or
termination has to occur at the same time as, and as a result of, the
death of an individual. The New York State GST tax rate is 2.75% (5%
of the federal GST tax rate of 55%, that was in effect in 2001). Use
Form ET-500 for distributions and Form ET-501 for terminations.

Purpose of form
A trustee uses Form ET-501 to calculate and report the New York State
GST tax due on taxable terminations of a trust. For New York State GST
tax purposes, taxable terminations are terminations of a trust to a skip
person, other than direct skips, that are subject to the federal GST tax
(or would be except for the changes made by EGTRRA), that occur at
the same time as, and as a result of, the death of an individual.

Payment of tax
New York State GST tax becomes due and payable April 15 of the year
following the calendar year in which the termination occurs.
Make check or money order payable to Commissioner of Taxation
and Finance. Write the trust’s name, trust’s employer identification
number (EIN), and Generation‑skipping transfer tax on the check or
money order to help us process the payment.

Who must file
In general, the trustee of any trust that has a taxable termination after
May 25, 1990, must file Form ET‑501.

When to file
You must file Form ET‑501 on or after January 1, but not later than
April 15, of the year following the calendar year in which the termination
occurs.

ET-501 (1/10) (back)

Instructions (continued)

Extensions of time to file
If you know that you cannot meet the filing deadline, request an
extension of time to file by writing to the following address:
NYS TAX DEPARTMENT
ESTATE TAX Processing
W A HARRIMAN CAMPUS
ALBANY NY 12227

The time to file will be automatically extended six months if the letter is
sent by April 15. Note: Filing a request for an extension of time to file
does not extend the time for payment of tax. See Payment of tax on the
front page.

Where to file
Mail this form and payment to:
NYS GENERATION-SKIPPING TRANSFER TAX
PROCESSING CENTER
PO BOX 15167
ALBANY NY 12212-5167

Private delivery services
If you choose, you may use a private delivery service, instead of the
U.S. Postal Service, to mail in your form and tax payment. However,
if, at a later date, you need to establish the date you filed or paid your
tax, you cannot use the date recorded by a private delivery service
unless you used a delivery service that has been designated by
the U.S. Secretary of the Treasury or the Commissioner of Taxation
and Finance. (Currently designated delivery services are listed in
Publication 55, Designated Private Delivery Services. See Need help?
below for information on obtaining forms and publications.) If you
have used a designated private delivery service and need to establish
the date you filed your form, contact that private delivery service
for instructions on how to obtain written proof of the date your form
was given to the delivery service for delivery. If you use any private
delivery service, whether it is a designated service or not, send the
forms covered by these instructions to: State Processing Center,
431C Broadway, Albany NY 12204-4836.

Line 1 — In the first box, enter the total of the taxable amounts of the
taxable terminations from the trust that occurred at the same time
as, and as a result of, the death of an individual. Multiply this amount
by the factor of .0275 and enter the result in the second box. If the
taxable termination from the trust is wholly from New York property (see
definition below), skip lines 2, 3, and 4 and enter the amount from line 1
on line 5.
Line 2 — If the taxable termination from the trust included non-New
York property, enter the value (on the date of termination) of the New
York property included in the termination.
The term New York property includes real property and tangible
personal property having an actual situs in New York State and
intangible personal property within the state employed in carrying on a
trade, business, or occupation in New York State, that was transferred
by the original transferor. New York property also includes all intangible
personal property transferred by the original transferor, if the transferor
was a resident of New York State at the time of the transfer of the
property to the trust.
Line 3 — If an entry was made on line 2, enter the value (on the date of
termination) of all property included in the generation-skipping transfer
from the trust, including the value of the New York property.
Line 6 — Enter the amount of any estimated payments.
Privacy notification
The Commissioner of Taxation and Finance may collect and maintain
personal information pursuant to the New York State Tax Law, including
but not limited to, sections 5-a, 171, 171-a, 287, 308, 429, 475, 505,
697, 1096, 1142, and 1415 of that Law; and may require disclosure of
social security numbers pursuant to 42 USC 405(c)(2)(C)(i).
This information will be used to determine and administer tax liabilities
and, when authorized by law, for certain tax offset and exchange of tax
information programs as well as for any other lawful purpose.

Specific instructions

Information concerning quarterly wages paid to employees is provided
to certain state agencies for purposes of fraud prevention, support
enforcement, evaluation of the effectiveness of certain employment and
training programs and other purposes authorized by law.

You must submit a completed federal Form 706-GS(T), including all
Schedules A, with your Form ET-501.

Failure to provide the required information may subject you to civil or
criminal penalties, or both, under the Tax Law.

When calculating the inclusion ratio, it may be necessary to do a
separate calculation for the New York State GST tax because it does
not conform to the federal GST exemption amounts for transfers made
to a trust after 2003. The trustee must calculate the inclusion ratio
for each termination, and different inclusion ratios must be shown on
separate federal Form 706-GS(T) Schedules A.

This information is maintained by the Manager of Document
Management, NYS Tax Department, W A Harriman Campus,
Albany NY 12227; telephone (518) 457-5181.

Use the following table for calculating the inclusion ratio for the New
York State GST tax in place of the federal exemption amount:
Year of
transfer

New York State
numerator limit

2004
2005
2006
2007
2008
2009
2010

$1,140,000
$1,170,000
$1,200,000
$1,250,000
$1,280,000
$1,330,000
$1,340,000

The trustee must attach a schedule showing how the taxable amount
for New York State was computed.

Need help?
Internet access: www.nystax.gov
 	  (for information, forms, and publications)
Fax-on-demand forms:

1 800 748-3676

Telephone assistance is available from 8:00 A.M. to 5:00 P.M.
(eastern time), Monday through Friday.
Estate Tax Information Center:
(518) 457-5387
For in-state callers without free long distance:
1 800 641-0004
To order forms and publications:
(518) 457-5431
For in-state callers without free long distance:
1 800 462-8100
Text Telephone (TTY) Hotline (for persons with
hearing and speech disabilities using a TTY):
1 800 634-2110
Persons with disabilities: In compliance with the Americans
with Disabilities Act, we will ensure that our lobbies, offices,
meeting rooms, and other facilities are accessible to
persons with disabilities. If you have questions about special
accommodations for persons with disabilities, call the information center.



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