Do you support this bill?

Assembly Bill A5520

2019-2020 Legislative Session

Relates to capital gains taxes

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

2019-A5520 (ACTIVE) - Details

See Senate Version of this Bill:
S3727
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2017-2018 Legislative Session:
A5970, S4601

2019-A5520 (ACTIVE) - Summary

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

2019-A5520 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 3727                                                  A. 5520
 
                        2019-2020 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                             February 13, 2019
                                ___________
 
 IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
   ed,  and  when  printed to be committed to the Committee on Budget and
   Revenue
 
 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 IS 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.
                                                            LBD03278-01-9

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.