Senate Bill S4601

2017-2018 Legislative Session

Relates to capital gains taxes

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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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2017-S4601 (ACTIVE) - Details

See Assembly Version of this Bill:
A5970
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2019-2020 Legislative Session:
S3727, A5520

2017-S4601 (ACTIVE) - Summary

Relates to a capital gains exemption from the sale of stock from a New York corporation to an employee-owned enterprise.

2017-S4601 (ACTIVE) - Sponsor Memo

2017-S4601 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 4601                                                  A. 5970
 
                        2017-2018 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                             February 21, 2017
                                ___________
 
 IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
   ed,  and  when  printed  to  be committed to the Committee on Investi-
   gations and Government Operations
 
 IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once  and  referred
   to the Committee on Ways and Means

 AN  ACT  to  amend the tax law, in relation to a capital gains exemption
   from the sale of stock from a New York  corporation  to  an  employee-
   owned  enterprise  as  defined by subdivision five of section eighteen
   hundred thirty-six-b of the public authorities law
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subsection (c) of section 612 of the tax law is amended by
 adding a new paragraph 44 to read as follows:
   (44) ONE HUNDRED PERCENT (100%) OF THE CAPITAL GAINS FROM THE SALE  OF
 STOCK  FROM  A  NEW YORK CORPORATION TO AN EMPLOYEE-OWNED ENTERPRISE, AS
 DEFINED BY SUBDIVISION FIVE OF SECTION EIGHTEEN HUNDRED THIRTY-SIX-B  OF
 THE PUBLIC AUTHORITIES LAW. IN ORDER TO QUALIFY FOR SUCH MODIFICATION AS
 DESCRIBED  IN  THIS  PARAGRAPH, SUCH EMPLOYEE-OWNED ENTERPRISE MUST HAVE
 ITS COMMERCIAL DOMICILE IN NEW YORK. IF THE EMPLOYEE-OWNED ENTERPRISE IS
 AN "EMPLOYEE STOCK OWNERSHIP PLAN," IT MUST COMPLY WITH FEDERAL REQUIRE-
 MENTS AS SUCH PLAN AS DEFINED IN 26 U.S.C. § 4975(E) (7).
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06766-01-7

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