Assembly Bill A2170B

2023-2024 Legislative Session

Relates to treatment of gains from qualified opportunity zones in calculating taxable income

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Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

multi-Sponsors

2023-A2170 - Details

See Senate Version of this Bill:
S543
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208, 612 & 1503, Tax L; amd §§11-602, 11-652 & 11-1712, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:
A8081, S6800

2023-A2170 - Summary

Relates to treatment of gains from qualified opportunity zones in calculating taxable income; removes exclusion of gains on property in qualified opportunity zones in calculation of income.

2023-A2170 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2170
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2023
                                ___________
 
 Introduced  by M. of A. DINOWITZ, THIELE, REYES, MITAYNES, L. ROSENTHAL,
   GALLAGHER, STECK, GLICK, CARROLL, FAHY, KELLES, MAMDANI -- Multi-Spon-
   sored by -- M.  of A. SIMON -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law and the administrative code of the  city  of
   New York, in relation to treatment of gains from qualified opportunity
   zones in calculating taxable income
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Paragraph (b) of subdivision 9 of section 208 of  the  tax
 law is amended by adding a new subparagraph 28 to read as follows:
   (28)  THE  AMOUNT  OF  GAIN EXCLUDED FROM FEDERAL GROSS INCOME FOR THE
 TAXABLE YEAR BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION  (A)  OF
 SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
   §  2. Subdivision 9 of section 208 of the tax law is amended by adding
 a new paragraph (u) to read as follows:
   (U) FOR TAX YEARS BEGINNING ON OR AFTER JANUARY  FIRST,  TWO  THOUSAND
 TWENTY-THREE,  UPON  THE  SALE  OR  EXCHANGE OF PROPERTY WITH RESPECT TO
 WHICH THE TAXPAYER HAS MADE THE ELECTION UNDER SUBPARAGRAPH (C) OF PARA-
 GRAPH (1) OF SUBSECTION (A) OF SECTION 1400Z-2 OF THE  INTERNAL  REVENUE
 CODE,  THE BASIS OF SUCH PROPERTY UNDER THIS ARTICLE SHALL BE DETERMINED
 AS IF THE TAXPAYER HAD NOT MADE SUCH ELECTION.
   § 3. Subsection (b) of section 612 of the tax law is amended by adding
 a new paragraph 44 to read as follows:
   (44) THE AMOUNT OF GAIN EXCLUDED FROM FEDERAL  GROSS  INCOME  FOR  THE
 TAXABLE  YEAR  BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF
 SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
   § 4. Section 612 of the tax law is amended by adding a new  subsection
 (y) to read as follows:
   (Y)  QUALIFIED OPPORTUNITY ZONES.  FOR TAX YEARS BEGINNING ON OR AFTER
 JANUARY FIRST, TWO THOUSAND TWENTY-THREE, UPON THE SALE OR  EXCHANGE  OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01221-01-3
              

co-Sponsors

multi-Sponsors

2023-A2170A - Details

See Senate Version of this Bill:
S543
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208, 612 & 1503, Tax L; amd §§11-602, 11-652 & 11-1712, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:
A8081, S6800

2023-A2170A - Summary

Relates to treatment of gains from qualified opportunity zones in calculating taxable income; removes exclusion of gains on property in qualified opportunity zones in calculation of income.

2023-A2170A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2170--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2023
                                ___________
 
 Introduced  by M. of A. DINOWITZ, THIELE, REYES, MITAYNES, L. ROSENTHAL,
   GALLAGHER, STECK, GLICK, CARROLL, FAHY, KELLES, MAMDANI, KIM,  BURGOS,
   SEAWRIGHT,  CUNNINGHAM,  RAGA, CRUZ, WALLACE, OTIS, SOLAGES, SHRESTHA,
   HEVESI,  SEPTIMO,  PAULIN,  SHIMSKY,  EPSTEIN,   BURDICK,   O'DONNELL,
   FORREST, LEVENBERG, GONZALEZ-ROJAS, ANDERSON, BORES -- Multi-Sponsored
   by  --  M.   of A. SIMON -- read once and referred to the Committee on
   Ways  and  Means  --  committee  discharged,  bill  amended,   ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT  to amend the tax law and the administrative code of the city of
   New York, in relation to treatment of gains from qualified opportunity
   zones in calculating taxable income
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.   Paragraph (b) of subdivision 9 of section 208 of the tax
 law is amended by adding a new subparagraph 28 to read as follows:
   (28) THE AMOUNT OF GAIN EXCLUDED FROM FEDERAL  GROSS  INCOME  FOR  THE
 TAXABLE  YEAR  BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF
 SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
   § 2. Subdivision 9 of section 208 of the tax law is amended by  adding
 a new paragraph (u) to read as follows:
   (U)  FOR  TAX  YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
 TWENTY-FOUR, UPON THE SALE OR EXCHANGE OF PROPERTY WITH RESPECT TO WHICH
 THE TAXPAYER HAS MADE THE ELECTION UNDER SUBPARAGRAPH (C)  OF  PARAGRAPH
 (1)  OF  SUBSECTION (A) OF SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE,
 THE BASIS OF SUCH PROPERTY UNDER THIS ARTICLE SHALL BE DETERMINED AS  IF
 THE TAXPAYER HAD NOT MADE SUCH ELECTION.
   § 3. Subsection (b) of section 612 of the tax law is amended by adding
 a new paragraph 44 to read as follows:
   (44)  THE  AMOUNT  OF  GAIN EXCLUDED FROM FEDERAL GROSS INCOME FOR THE
 TAXABLE YEAR BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION  (A)  OF
 SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01221-03-3
              

co-Sponsors

multi-Sponsors

2023-A2170B (ACTIVE) - Details

See Senate Version of this Bill:
S543
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208, 612 & 1503, Tax L; amd §§11-602, 11-652 & 11-1712, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:
A8081, S6800

2023-A2170B (ACTIVE) - Summary

Relates to treatment of gains from qualified opportunity zones in calculating taxable income; removes exclusion of gains on property in qualified opportunity zones in calculation of income.

2023-A2170B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2170--B
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2023
                                ___________
 
 Introduced  by M. of A. DINOWITZ, THIELE, REYES, MITAYNES, L. ROSENTHAL,
   GALLAGHER, STECK, GLICK, CARROLL, FAHY, KELLES, MAMDANI, KIM,  BURGOS,
   SEAWRIGHT,  CUNNINGHAM,  RAGA, CRUZ, WALLACE, OTIS, SOLAGES, SHRESTHA,
   HEVESI,  SEPTIMO,  PAULIN,  SHIMSKY,  EPSTEIN,   BURDICK,   O'DONNELL,
   FORREST, LEVENBERG, GONZALEZ-ROJAS, ANDERSON, BORES, STIRPE, ARDILA --
   Multi-Sponsored  by -- M. of A. SIMON -- read once and referred to the
   Committee on Ways and Means --  committee  discharged,  bill  amended,
   ordered  reprinted  as  amended  and  recommitted to said committee --
   recommitted to the Committee on Ways  and  Means  in  accordance  with
   Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT  to amend the tax law and the administrative code of the city of
   New York, in relation to treatment of gains from qualified opportunity
   zones in calculating taxable income
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.   Paragraph (b) of subdivision 9 of section 208 of the tax
 law is amended by adding a new subparagraph 28 to read as follows:
   (28) THE AMOUNT OF GAIN EXCLUDED FROM FEDERAL  GROSS  INCOME  FOR  THE
 TAXABLE  YEAR  BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF
 SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
   § 2. Subdivision 9 of section 208 of the tax law is amended by  adding
 a new paragraph (u) to read as follows:
   (U)  FOR  TAX  YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
 TWENTY-FOUR, UPON THE SALE OR EXCHANGE OF PROPERTY WITH RESPECT TO WHICH
 THE TAXPAYER HAS MADE THE ELECTION UNDER SUBPARAGRAPH (C)  OF  PARAGRAPH
 (1)  OF  SUBSECTION (A) OF SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE,
 THE BASIS OF SUCH PROPERTY UNDER THIS ARTICLE SHALL BE DETERMINED AS  IF
 THE TAXPAYER HAD NOT MADE SUCH ELECTION.
   § 3. Subsection (b) of section 612 of the tax law is amended by adding
 a new paragraph 44 to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01221-05-4
              

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