|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 01, 2020||referred to budget and revenue|
senate Bill S8277
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8277 (ACTIVE) - Details
- See Assembly Version of this Bill:
- Law Section:
- Tax Law
- Laws Affected:
- Add §612-a, Tax L; add §95-j, St Fin L; add §§591-b & 644, Lab L
S8277 (ACTIVE) - Summary
Establishes a billionaire mark to market tax taxing residents with $1 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.
S8277 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8277 SPONSOR: RAMOS TITLE OF BILL: 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 SUMMARY OF PROVISIONS: Section 1. Establishes the act to be cited as the "billionaire mark to market tax act". Section 2. Amends the tax law by adding a new section 612-a, which treats residential billionaires capital gains on their net assets as annual income, furthermore, taxing billionaires yearly unrealized capi- tal gains. All money collected from this tax will be placed in "the worker bailout fund."
S8277 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8277 I N S E N A T E May 1, 2020 ___________ Introduced by Sen. RAMOS -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue 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
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