N.Y. Comp. Codes R. & Regs. tit. 20 § 118.2
Tax Law, § 618(1)
Every estate or trust is allowed a New York personal exemption of $600 regardless of the amount of its Federal deduction for a personal exemption. This amount is allowed even though the particular New York State fiduciary return file may be for a taxable period of less than 12 months. For Federal income tax purposes, the deduction for a personal exemption allowable to an estate is also $600, so that, in the case of an estate, the modification of Federal taxable income does not affect the final result. In the case of trusts, however, the Federal deduction for a personal exemption may be either $100 or $300, depending on the provisions of the particular trust instrument. Therefore, in the case of a trust, Federal taxable income must be modified for this difference between the Federal deduction for a personal exemption and the New York personal exemption. This modification is made by adding to Federal taxable income the Federal deduction for a personal exemption of the trust ($100 or $300, as the case may be), and then subtracting the New York personal exemption of $600.
N.Y. Comp. Codes R. & Regs. Tit. 20 § 118.2