Assembly Bill A10414A

2019-2020 Legislative Session

Establishes a mark to market tax and directs revenue from such tax into a worker bailout fund

download bill text pdf

Sponsored By

There are no sponsors of this bill.

Archive: Last 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

Do you support this bill?

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

Bill Amendments

co-Sponsors

2019-A10414 - Details

See Senate Version of this Bill:
S8277
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §612-a, Tax L; add §95-j, St Fin L; add §§591-b & 644, Lab L
Versions Introduced in Other Legislative Sessions:
2021-2022: A5092
2023-2024: A3252

2019-A10414 - Summary

Establishes a billionaire mark to market tax taxing residents with one billion dollars or more in net assets and directs revenue from such tax into a worker bailout fund; establishes a worker bailout program providing workers traditionally excluded from wage protection programs access to unemployment benefits.

2019-A10414 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10414
 
                           I N  A S S E M B L Y
 
                               May 11, 2020
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. De La Rosa)
   -- read once and referred to the Committee on Ways and Means
 
 AN ACT to establish the "billionaire mark to market tax act";  to  amend
   the  tax  law,  in  relation  to establishing a mark to market tax; to
   amend the state finance law, in relation to  establishing  the  worker
   bailout  fund; and to amend the labor law, in relation to establishing
   the worker bailout program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This  act shall be known and may be cited as the "billio-
 naire mark to market tax act".
   § 2. The tax law is amended by adding a new section 612-a to  read  as
 follows:
   §  612-A.  BILLIONAIRE MARK TO MARKET TAXATION. 1. NOTWITHSTANDING ANY
 OTHER PROVISION OF LAW TO THE CONTRARY,  RESIDENT  INDIVIDUAL  TAXPAYERS
 WITH NET ASSETS THAT ARE WORTH ONE BILLION DOLLARS OR MORE ON THE EFFEC-
 TIVE DATE OF THIS SECTION SHALL RECOGNIZE GAIN OR LOSS ON SUCH EFFECTIVE
 DATE AS IF EACH ASSET OWNED BY THE INDIVIDUAL TAXPAYER WERE SOLD FOR ITS
 FAIR  MARKET VALUE AND ANY NET GAIN, BUT NOT NET LOSS, SHALL BE INCLUDED
 FOR THE TAXABLE YEAR DURING WHICH THIS SECTION TAKES  EFFECT;  PROVIDED,
 HOWEVER,  THAT  AN ADJUSTMENT SHALL BE MADE IN THE AMOUNT OF ANY GAIN OR
 LOSS SUBSEQUENTLY REALIZED FOR GAIN OR LOSS RECOGNIZED ON THE  EFFECTIVE
 DATE  OF THIS SECTION. ANY TAX PAYABLE AS A RESULT OF SUCH GAIN SHALL BE
 PAYABLE ANNUALLY IN TEN EQUAL INSTALLMENTS BEGINNING IN THE YEAR OF  THE
 EFFECTIVE  DATE  OF  THIS  SECTION.  ANY TAX PAID BY INSTALLMENT PAYMENT
 SHALL BE SUBJECT TO AN ANNUAL CHARGE OF SEVEN AND ONE-HALF PERCENT ANNU-
 ALLY COMMENCING THE YEAR AFTER THE INITIAL INSTALLMENT PAYMENT.
   2. RESIDENT INDIVIDUAL TAXPAYERS WITH NET ASSETS THAT  ARE  WORTH  ONE
 BILLION  DOLLARS  OR  MORE SHALL RECOGNIZE GAIN OR LOSS AS IF EACH ASSET
 OWNED BY SUCH TAXPAYER ON THE LAST DAY OF ANY TAXABLE YEAR WERE SOLD FOR
 ITS FAIR MARKET VALUE ON SUCH DAY AND ANY SUCH GAIN  OR  LOSS  SHALL  BE
 TAKEN  INTO  ACCOUNT  FOR  SUCH TAXABLE YEAR; PROVIDED, HOWEVER, THAT AN
 ADJUSTMENT SHALL BE MADE IN THE AMOUNT OF ANY GAIN OR LOSS  SUBSEQUENTLY
 REALIZED  FOR  GAIN  OR  LOSS RECOGNIZED ON THE LAST DAY OF SUCH TAXABLE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

co-Sponsors

2019-A10414A (ACTIVE) - Details

See Senate Version of this Bill:
S8277
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §612-a, Tax L; add §95-j, St Fin L; add §§591-b & 644, Lab L
Versions Introduced in Other Legislative Sessions:
2021-2022: A5092
2023-2024: A3252

2019-A10414A (ACTIVE) - Summary

Establishes a billionaire mark to market tax taxing residents with one billion dollars or more in net assets and directs revenue from such tax into a worker bailout fund; establishes a worker bailout program providing workers traditionally excluded from wage protection programs access to unemployment benefits.

2019-A10414A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                 10414--A
 
                           I N  A S S E M B L Y
 
                               May 11, 2020
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. De La Rosa,
   Reyes,  Simotas,  Simon,  Epstein,  Ortiz,  Hevesi,  Davila,   Lentol,
   Seawright,  Frontus,  Gottfried,  Carroll, Nolan, Niou, Mosley, Glick,
   L. Rosenthal, Hunter, Blake, Cruz, Bronson, Rozic,  Kim,  Jean-Pierre,
   Jaffee, Rodriguez, Pichardo, Cahill, Thiele, Ramos, Fernandez, Taylor,
   Richardson,  Perry,  Solages,  O'Donnell,  Dinowitz,  Walker,  Weprin,
   Quart, Bichotte) -- 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 establish the "billionaire mark to market tax and  the  worker
   bailout fund act"; to amend the tax law, in relation to establishing a
   mark  to  market  tax;  to amend the state finance law, in relation to
   establishing the worker bailout fund; and to amend the labor  law,  in
   relation to establishing the worker bailout program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. This act shall be known and may be cited  as  the  "billio-
 naire mark to market tax and the worker bailout fund act".
   §  2.  The tax law is amended by adding a new section 612-a to read as
 follows:
   § 612-A. BILLIONAIRE MARK TO MARKET TAXATION.  (A)(1)  NOTWITHSTANDING
 ANY  OTHER PROVISION OF LAW TO THE CONTRARY, RESIDENT INDIVIDUAL TAXPAY-
 ERS WITH NET ASSETS WORTH ONE BILLION DOLLARS OR MORE  ON  THE  DATE  OF
 JULY FIRST, TWO THOUSAND TWENTY, SHALL RECOGNIZE GAIN OR LOSS AS IF EACH
 ASSET  OWNED  BY  THE  INDIVIDUAL TAXPAYER WERE SOLD FOR ITS FAIR MARKET
 VALUE ON THAT DATE. ANY RESULTING NET GAINS FROM THESE DEEMED SALES,  UP
 TO  THE  PHASE-IN CAP AMOUNT, SHALL BE INCLUDED IN THE TAXPAYER'S INCOME
 FOR THE TWO THOUSAND TWENTY TAX YEAR. PROPER ADJUSTMENT SHALL BE MADE IN
 THE AMOUNT OF ANY GAIN OR LOSS SUBSEQUENTLY REALIZED FOR  GAIN  OR  LOSS
 TAKEN  INTO  ACCOUNT  UNDER  THE  PRECEDING  SENTENCE. AT THE TAXPAYER'S
 OPTION, ANY ADDITIONAL TAX PAYABLE AS A RESULT OF THIS SUBSECTION  SHALL
 EITHER  BE  PAYABLE  ALONG  WITH ANY OTHER TAX OWED FOR THE TWO THOUSAND
 TWENTY TAX YEAR OR ELSE SHALL BE PAYABLE ANNUALLY IN TEN EQUAL  INSTALL-
 MENTS  BEGINNING  IN  THE YEAR OF THE EFFECTIVE DATE OF THIS SECTION AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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.