New York Consolidated Laws, Tax Law - TAX § 955. Resident's New York taxable estate

(a) General.--The taxable estate of a New York resident shall be his or her New York gross estate, minus the deductions allowable for determining his or her federal taxable estate under the internal revenue code (whether or not a federal estate tax return is required to be filed), except to the extent that such deductions relate to real or tangible personal property sitused outside New York state.

(b) Waiver of deductions.--If the right to any deduction otherwise allowable is waived for federal estate tax purposes, it shall be considered waived for New York estate tax purposes.

(c) Qualified terminable interest property election.--Except as otherwise provided in this subsection, the election referred to in paragraph (7) of subsection (b) of section 2056 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 on the return of the tax imposed by this article.  Where no federal estate tax return is required to be filed, the executor must make the election referred to in such paragraph (7) with respect to the tax imposed by this article on the return of the tax imposed by this article.  Any election made under this subsection shall be irrevocable.

(d) Cross references.--For provisions of the internal revenue code specifying the deductions allowable for federal estate tax purposes, see: