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Assembly Bill A3910

2015-2016 Legislative Session

Enacts a tax exemption for capital gains on the sales of new businesses

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Archive: Last Bill Status - In Assembly Committee

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2015-A3910 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A10613
2011-2012: A5627
2013-2014: A7266

2015-A3910 (ACTIVE) - Summary

Enacts a tax exemption for capital gains on the sales of new businesses and the initial public offerings of the stock of new businesses that are located in New York.

2015-A3910 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3910

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 28, 2015
                               ___________

Introduced by M. of A. TENNEY -- read once and referred to the Committee
  on Ways and Means

AN  ACT  to  amend  the tax law, in relation to establishing the capital
  gains modification

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  612  of  the  tax law is amended by adding a new
subsection (w) to read as follows:
  (W)  CAPITAL  GAINS  MODIFICATION.  (1)  FOR  THE  PURPOSES  OF   THIS
SUBSECTION, THE FOLLOWING DEFINITIONS SHALL APPLY:
  (A) "CAPITAL GAIN" MEANS THE GAIN OR PROFITS REALIZED FROM THE SALE OF
ANY  NEW  COMPANY,  AS  THAT TERM IS DEFINED BY SUBPARAGRAPH (C) OF THIS
PARAGRAPH, OR THE GAIN FROM THE INITIAL  PUBLIC  OFFERING  OF  STOCK  BY
EARLY-STAGE INVESTORS OR COMPANY FOUNDERS OF ANY NEW COMPANY.
  (B)  "LIQUIDITY  EVENT" MEANS THE SALE OF A NEW COMPANY OR THE INITIAL
PUBLIC OFFERING OF STOCK OF ANY NEW COMPANY.
  (C) "NEW COMPANY" MEANS ANY BUSINESS ENTITY THAT SHALL NOT HAVE  OPER-
ATED  OR  SHALL  NOT  HAVE  HAD NEXUS IN NEW YORK STATE PRIOR TO JANUARY
FIRST, TWO THOUSAND FIFTEEN AND ANY OTHER CRITERIA  ESTABLISHED  BY  THE
COMMISSIONER  IN  REGULATIONS  PROMULGATED PURSUANT TO THIS ARTICLE. ANY
BUSINESS ENTITY SHALL CEASE TO QUALIFY FOR THE EXEMPTION PROVIDED FOR IN
THIS SUBSECTION IF, BEFORE THE LIQUIDITY EVENT, AS THAT TERM IS  DEFINED
BY  SUBPARAGRAPH  (B) OF THIS PARAGRAPH, THE PRINCIPAL PLACE OF BUSINESS
OF SUCH BUSINESS ENTITY MOVES OUT OF NEW YORK STATE.
  (2) THE TAXPAYER MAY SUBTRACT FROM HIS OR HER FEDERAL  ADJUSTED  GROSS
INCOME ANY CAPITAL GAINS AS DEFINED BY SUBPARAGRAPH (A) OF PARAGRAPH ONE
OF  THIS  SUBSECTION  (BUT NOT AN AMOUNT THAT WILL REDUCE THE PORTION OF
SUCH GAIN INCLUDED IN HIS OR HER NEW YORK INCOME BELOW ZERO).
  S 2. This act shall take effect January  1,  2016,  provided,  however
that  effective  immediately, the department of taxation and finance may
prescribe such rules and regulations as may be necessary  to  carry  out
the purposes of this act.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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