NY State Senate Bill S8277B

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Aug 19, 2020	print number 8277b
Aug 19, 2020	amend and recommit to budget and revenue
Jul 31, 2020	print number 8277a
Jul 31, 2020	amend (t) and recommit to budget and revenue
May 01, 2020	referred to budget and revenue

Co-Sponsors

S8277 - Details

See Assembly Version of this Bill:: A10414
Current Committee:: Senate Budget And Revenue
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 2021-2022 Legislative Session:: A5092

S8277 - 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.

S8277 - 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."

Section 3. Amends the state finance law by adding a new section 95-j
which establishes the creation of the "worker bailout fund". The worker
bailout fund can only be used for the purposes of wage replacement to
workers and families unable to access traditional worker wage insurance
or assistance programs. All money will be in joint custody of the state
comptroller and commissioner of taxation and finance.

Section 4. Amends the labor law by adding section 591-b, which estab-
lishes the worker bailout program. This section outlines the application
process and form requirements, including various options for primary
proofs of identification, names and address of employers and hiring
parties for the last eighteen months, and/or mailing address. Further-
more, this section limits data collection for the public record and data
sharing with federal authorities to lawful court orders, judicial
warrants, and subpoenas for specific individuals.

Section 5. Amends the labor law to add section 644 which creates eligi-
bility requirements for applicants to qualify for the worker bailout
program. The requirements for individuals include:  individuals who
don't meet the eligibility requirements for unemployment insurance or
for assistance under Title 11 of the federal CARES act; individuals who
have suffered a loss of work related earnings, or a loss of one or more
major sources of household income due to the death or disability of a
close household member whose income the family depended on, during the
state of emergency.  Additionally, the payments shall continue until
whichever comes later, the end of year, or other indicators which say
whether the emergency has ended and the economy has recovered.

Section 6. This act shall take effect immediately.

 
JUSTIFICATION:

In the wake of the COVID-l9 pandemic, the economy is in free fall. As of
April 23rd, 26 million Americans have applied for unemployment insur-
ance. The state and federal government's social safety net for those
individuals who now find themselves out of work, while generous, does
not cover large swaths of the population. On top of that, state budget
projections show a $15 billion dollar budget deficit. Raising revenue to
help regular New Yorkers is more critical than ever.

Our legislation would address both the lack of revenue coming into the
state coffers and provide financial assistance to those excluded from
Title II of the CARES Act and from State Unemployment Insurance.  Name-
ly, on the front of our bill, we apply an annual income tax to billio-
naires untaxed investments. The mark to market tax treats billionaires
unrealized capital gains as income. Further, the billionaires tax will
finance the creation of a worker bailout fund and program. The worker
bailout program provides workers and individuals with $3,300 per month,
if they are: 1) excluded from Unemployment and the CARES Act; and 2)
during the current state of emergency, a loss of income of either the
individual or a close family member-who they were dependent upon for
wages- or a loss of income due to death or disability.

 
LEGISLATIVE HISTORY:

New Bill

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

S8277 - 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

                       [ ] is old law to be omitted.
                                                            LBD16158-02-0

 S. 8277                             2

 YEAR. TO THE EXTENT THE LOSSES OF  A  TAXPAYER  EXCEED  SUCH  TAXPAYER'S
 GAINS,  THE  NET LOSSES SHALL NOT BE RECOGNIZED IN SUCH TAXABLE YEAR AND
 SHALL CARRY FORWARD INDEFINITELY.
   3.  FOR  THE  PURPOSE OF THIS SECTION, THE TERM "ASSETS" SHALL INCLUDE
 ALL OWNED REAL OR PERSONAL, TANGIBLE OR INTANGIBLE,  PROPERTY,  WHEREVER
 SITUATED,  (I)  OWNED  BY  THE  TAXPAYER,  (II)  OWNED BY THE TAXPAYER'S
 SPOUSE, MINOR CHILDREN, OR ANY TRUST OR ESTATE OF WHICH THE TAXPAYER  IS
 A BENEFICIARY, (III) THE ASSETS OF ANY PRIVATE FOUNDATION, DONOR ADVISED
 FUND, AND ANY OTHER ENTITY DESCRIBED IN SECTION 501(C) OR SECTION 527 OF
 THE  INTERNAL  REVENUE  CODE  OF  WHICH  THE  TAXPAYER  IS A SUBSTANTIAL
 CONTRIBUTOR (AS SUCH TERM IS DEFINED IN SECTION 4958(C)(3)(B)(I) OF  THE
 INTERNAL  REVENUE  CODE),  AND  (IV)  WITHOUT DUPLICATION, ALL GIFTS AND
 DONATIONS MADE WITHIN THE PAST FIVE YEARS BY THE TAXPAYER OR ANY  PERSON
 OR  ENTITY  DESCRIBED  IN  PARAGRAPH (II) OF THIS SUBDIVISION AS IF SUCH
 GIFTS AND DONATIONS WERE STILL OWNED BY THE TAXPAYER. FOR THE PURPOSE OF
 THIS SECTION, "NET ASSETS" SHALL INCLUDE THE FAIR MARKET VALUE OF ASSETS
 LESS THE FAIR MARKET VALUE OF LIABILITIES OF THE TAXPAYER AND, IN APPRO-
 PRIATE CASES AS DETERMINED BY  THE  COMMISSIONER,  LIABILITIES  OF  SUCH
 OTHER PERSONS DESCRIBED IN THE DEFINITION OF ASSETS.
   4.  THE  MONEYS RECEIVED FROM SUCH TAX, AFTER DEDUCTING THE AMOUNT THE
 COMMISSIONER SHALL DETERMINE TO BE NECESSARY FOR REASONABLE COSTS OF THE
 STATE TAX COMMISSION IN ADMINISTERING, COLLECTING AND DISTRIBUTING  SUCH
 TAX,  SHALL BE DISTRIBUTED TO THE WORKER BAILOUT FUND ESTABLISHED PURSU-
 ANT TO SECTION NINETY-FIVE-J OF THE STATE FINANCE LAW.
   5. THE COMMISSIONER SHALL PROMULGATE RULES AND REGULATIONS  IMPLEMENT-
 ING THIS SECTION.
   §  3. The state finance law is amended by adding a new section 95-j to
 read as follows:
   § 95-J. WORKER BAILOUT FUND. 1. THERE IS  HEREBY  ESTABLISHED  IN  THE
 JOINT  CUSTODY OF THE COMMISSIONER OF TAXATION AND FINANCE AND THE STATE
 COMPTROLLER A FUND TO BE KNOWN AS THE "WORKER BAILOUT FUND".
   2. THE WORKER BAILOUT FUND SHALL CONSIST OF ALL MONEYS  COLLECTED  AND
 RECEIVED BY THE COMMISSIONER PURSUANT TO SECTION SIX HUNDRED TWELVE-A OF
 THE  TAX  LAW, INCLUDING ANY INTEREST AND PENALTIES ASSOCIATED WITH SUCH
 COLLECTION.
   3. ALL MONEYS COLLECTED AS CONTRIBUTIONS AND INTEREST RELATING TO WAGE
 REPLACEMENT TO WORKERS AND FAMILIES UNABLE TO ACCESS TRADITIONAL  WORKER
 WAGE  INSURANCE  OR  ASSISTANCE  PROGRAMS  SHALL BE DEPOSITED IN A BANK,
 TRUST COMPANY OR INDUSTRIAL BANK DESIGNATED BY  THE  STATE  COMPTROLLER.
 MONEYS  SO DEPOSITED SHALL BE CREDITED IMMEDIATELY TO THE ACCOUNT OF THE
 WORKER BAILOUT FUND AND SHALL BE USED FOR  THE  PURPOSES  SET  FORTH  IN
 SECTION  SIX HUNDRED FORTY-FOUR OF THIS ARTICLE. MONEYS IN SUCH FUND MAY
 BE INVESTED BY THE STATE COMPTROLLER IN ACCORDANCE WITH  THE  PROVISIONS
 OF  SECTION  NINETY-EIGHT  OF  THIS  ARTICLE,  AND SHALL BE USED FOR THE
 PURPOSES SPECIFIED HEREIN.
   4. MONEYS OF THE FUND SHALL BE USED EXCLUSIVELY  FOR  THE  PURPOSE  OF
 PROVIDING  EMERGENCY WAGE REPLACEMENT TO WORKERS THAT DO NOT QUALIFY FOR
 UNEMPLOYMENT INSURANCE OR OTHER WORKER WAGE ASSISTANCE PROGRAMS  AND  TO
 HOUSEHOLDS  WHO  HAVE  LOST A MAJOR SOURCE OF INCOME DUE TO THE DEATH OR
 DISABILITY OF A CLOSE HOUSEHOLD MEMBER WHO COULD NOT ACCESS UNEMPLOYMENT
 INSURANCE OR OTHER WORKER WAGE ASSISTANCE PROGRAMS.  THE MONEYS SHALL BE
 PAID OUT OF THE FUND ON THE AUDIT AND WARRANT OF THE  STATE  COMPTROLLER
 ON  VOUCHERS  CERTIFIED OR APPROVED BY SUCH COMMISSIONER THE DULY DESIG-
 NATED OFFICER. ANY BALANCE IN SUCH FUND SHALL NOT LAPSE AT ANY TIME  BUT
 SHALL REMAIN CONTINUOUSLY AVAILABLE FOR SUCH PURPOSES.

 S. 8277                             3
 
   5.  MONEYS  OF  THE FUND SHALL NOT BE USED IN WHOLE OR IN PART FOR ANY
 PURPOSE OR IN ANY MANNER WHICH (A) WOULD PERMIT ITS SUBSTITUTION FOR, OR
 A CORRESPONDING REDUCTION IN, FEDERAL FUNDS THAT WOULD BE  AVAILABLE  IN
 ITS ABSENCE TO FINANCE EXPENDITURES FOR THE ADMINISTRATION OF THIS ARTI-
 CLE;  OR  (B)  WOULD  CAUSE  THE APPROPRIATE AGENCY OF THE UNITED STATES
 GOVERNMENT TO WITHHOLD ANY PART OF AN ADMINISTRATIVE GRANT  WHICH  WOULD
 OTHERWISE BE MADE.
   § 4. The labor law is amended by adding a new section 591-b to read as
 follows:
   §  591-B.  WORKER BAILOUT PROGRAM. 1. THE DEPARTMENT IS HEREBY AUTHOR-
 IZED AND EMPOWERED TO ESTABLISH AND OPERATE A WORKER BAILOUT PROGRAM  AS
 AUTHORIZED PURSUANT TO SECTION SIX HUNDRED FORTY-FOUR OF THIS ARTICLE.
   2.  EACH  WORKER BAILOUT PROGRAM APPLICANT SHALL PROVIDE, IN SUCH FORM
 AND AT SUCH TIME AS THE COMMISSIONER MAY PRESCRIBE, AT LEAST TWO OF  THE
 FOLLOWING:
   (A)  PRIMARY  PROOF OF IDENTITY INCLUDING, BUT NOT LIMITED TO, A DRIV-
 ER'S LICENSE, MOTOR VEHICLE  ID  CARD  NUMBER,  VALID  FOREIGN  DRIVER'S
 LICENSE  THAT INCLUDES A PHOTO IMAGE OF THE APPLICANT AND WHICH IS UNEX-
 PIRED OR EXPIRED FOR LESS THAN TWENTY-FOUR MONTHS OF ITS DATE OF EXPIRA-
 TION, NEW YORK STATE ID, IDNYC OR OTHER NEW  YORK  MUNICIPAL  OR  COUNTY
 IDENTIFICATION  CARD,  STUDENT ID CARD, VALID UNEXPIRED FOREIGN PASSPORT
 ISSUED BY THE APPLICANT'S COUNTRY OF  CITIZENSHIP,  OR  VALID  UNEXPIRED
 CONSULAR  IDENTIFICATION  DOCUMENT ISSUED BY A CONSULATE FROM THE APPLI-
 CANT'S COUNTRY OF CITIZENSHIP. NOTHING  CONTAINED  IN  THIS  SUBDIVISION
 SHALL  BE  DEEMED TO PRECLUDE THE COMMISSIONER FROM APPROVING ADDITIONAL
 PROOFS OF IDENTITY; OR
   (B) SOCIAL SECURITY NUMBER OR, IN LIEU THEREOF, AN INDIVIDUAL TAXPAYER
 IDENTIFICATION NUMBER OR A UNITED  STATES  CITIZENSHIP  AND  IMMIGRATION
 SERVICES NUMBER; OR
   (C) NAMES AND ADDRESSES OF ALL EMPLOYERS AND/OR HIRING PARTIES, IN AND
 OUT  OF  THE STATE, FOR THE LAST EIGHTEEN MONTHS TO THE EXTENT THAT SUCH
 INFORMATION IS AVAILABLE TO THE APPLICANT; OR
   (D) MAILING ADDRESS AND ZIP CODE.
   3. APPLICATION FORMS FOR SUCH PROGRAM SHALL NOT STATE: (A)  THE  DOCU-
 MENTS  AN  APPLICANT USED TO PROVE IDENTITY; OR (B) AN APPLICANT'S INEL-
 IGIBILITY FOR A SOCIAL SECURITY  NUMBER  WHERE  APPLICABLE;  OR  (C)  AN
 APPLICANT'S CITIZENSHIP OR IMMIGRATION STATUS.
   4.  ANY  PORTION  OF  ANY  ORIGINAL  DOCUMENTS  OR COPIES OF DOCUMENTS
 RETAINED OR COLLECTED BY THE DEPARTMENT IN RELATION TO THE WORKER  BAIL-
 OUT  PROGRAM APPLICATION TO PROVE IDENTITY, AGE OR FITNESS OR ANY RECORD
 THAT CONTAINS THE PHOTO IMAGE OR IDENTIFIES THE SOCIAL SECURITY  NUMBER,
 TELEPHONE  NUMBER,  PLACE  OF BIRTH, COUNTRY OF ORIGIN, PLACE OF EMPLOY-
 MENT, SCHOOL OR EDUCATIONAL  INSTITUTION  ATTENDED,  SOURCE  OF  INCOME,
 STATUS  AS  A  RECIPIENT OF PUBLIC BENEFITS, THE CUSTOMER IDENTIFICATION
 NUMBER ASSOCIATED WITH A PUBLIC UTILITIES ACCOUNT,  MEDICAL  INFORMATION
 OR  DISABILITY  INFORMATION  OF  THE  HOLDER  OF, OR APPLICANT FOR, SUCH
 PROGRAM IS NOT A PUBLIC RECORD AND SHALL NOT BE DISCLOSED  OR  OTHERWISE
 MADE ACCESSIBLE IN RESPONSE TO ANY REQUEST FOR RECORDS EXCEPT:
   (A) TO THE PERSON WHO IS THE SUBJECT OF SUCH RECORDS; OR
   (B)  WHERE  NECESSARY  TO  COMPLY  WITH A LAWFUL COURT ORDER, JUDICIAL
 WARRANT SIGNED BY A JUDGE APPOINTED  PURSUANT  TO  ARTICLE  III  OF  THE
 UNITED  STATES  CONSTITUTION,  OR SUBPOENA FOR INDIVIDUAL RECORDS ISSUED
 PURSUANT TO THE CRIMINAL PROCEDURE LAW OR THE  CIVIL  PRACTICE  LAW  AND
 RULES.
   5.  FOR  THE  PURPOSES OF THIS SECTION, WHENEVER A LAWFUL COURT ORDER,
 JUDICIAL WARRANT, OR SUBPOENA FOR  INDIVIDUAL  RECORDS  PROPERLY  ISSUED

 S. 8277                             4
 
 PURSUANT  TO  THE  CRIMINAL  PROCEDURE LAW OR THE CIVIL PRACTICE LAW AND
 RULES IS PRESENTED TO THE COMMISSIONER, ONLY THOSE  RECORDS,  DOCUMENTS,
 OR  INFORMATION  SPECIFICALLY  SOUGHT  BY  SUCH COURT ORDER, WARRANT, OR
 SUBPOENA MAY BE DISCLOSED.
   6.  NOTWITHSTANDING THE DISCLOSURE OF RECORDS PURSUANT TO SUBDIVISIONS
 FOUR AND FIVE OF THIS SECTION, THE COMMISSIONER SHALL REQUIRE ANY PERSON
 OR ENTITY THAT RECEIVES OR HAS ACCESS TO RECORDS OR INFORMATION FROM THE
 DEPARTMENT TO CERTIFY  TO  THE  COMMISSIONER,  BEFORE  SUCH  RECEIPT  OR
 ACCESS, THAT SUCH PERSON OR ENTITY SHALL NOT:
   (A)  USE  SUCH  RECORDS OR INFORMATION FOR PURPOSES OTHER THAN FOR THE
 ADMINISTRATION OF THE WORKER BAILOUT PROGRAM OR WORKER BAILOUT FUND; OR
   (B) DISCLOSE SUCH RECORDS OR INFORMATION TO ANY OTHER AGENCY OR TO ANY
 EMPLOYEE OR AGENT OF ANY SUCH AGENCY UNLESS SUCH DISCLOSURE IS  PURSUANT
 TO  A  COOPERATIVE  ARRANGEMENT BETWEEN CITY, STATE AND FEDERAL AGENCIES
 AND WHICH ARRANGEMENT DISCLOSURE IS LIMITED TO THE SPECIFIC  RECORDS  OR
 INFORMATION  BEING  SOUGHT  PURSUANT TO SUCH ARRANGEMENT AND USED SOLELY
 FOR THE ADMINISTRATION OF THE WORKER BAILOUT PROGRAM OR THE WORKER BAIL-
 OUT FUND.
   § 5. The labor law is amended by adding a new section 644 to  read  as
 follows:
   §  644.  ELIGIBILITY FOR WORKER BAILOUT PROGRAM. 1. FOR THE PURPOSE OF
 SECTION FIVE HUNDRED NINETY-ONE-B OF  THIS  ARTICLE,  THE  TERM  "WORKER
 BAILOUT  PROGRAM" MEANS A PROGRAM UNDER WHICH ASSISTANCE IS AVAILABLE TO
 INDIVIDUALS WHO RESIDE IN THE STATE AND:
   (A) DO NOT MEET THE ELIGIBILITY REQUIREMENTS:
   (I) FOR UNEMPLOYMENT INSURANCE BENEFITS AS DESCRIBED IN THIS  ARTICLE,
 INCLUDING  BENEFITS PAYABLE TO FEDERAL CIVILIAN EMPLOYEES AND TO EX-SER-
 VICEMEN AND SERVICEWOMEN PURSUANT TO CHAPTER 85  OF  THE  UNITED  STATES
 CODE, AND BENEFITS AUTHORIZED TO BE USED FOR THE SELF-EMPLOYMENT ASSIST-
 ANCE PROGRAM PURSUANT TO THE FEDERAL-STATE EXTENDED UNEMPLOYMENT COMPEN-
 SATION ACT OF 1970; OR
   (II)  TO  RECEIVE  INSURANCE OR ASSISTANCE PAYMENTS UNDER ANY PROGRAMS
 PROVIDED FOR UNDER TITLE II OF THE FEDERAL CARES ACT; OR
   (B) SUFFERED A LOSS:
   (I) OF WORK-RELATED EARNINGS; OR
   (II) OF ONE OR MORE MAJOR SOURCES OF HOUSEHOLD INCOME DUE TO THE DEATH
 OR DISABILITY OF A CLOSE HOUSEHOLD MEMBER ON  WHOSE  INCOME  THE  FAMILY
 DEPENDED,  DURING A STATE OF EMERGENCY DECLARED BY THE GOVERNOR. SUCH AN
 ALLOWANCE SHALL ONLY BE ACCESSED: (A) DURING A  STATE  OF  EMERGENCY  AS
 DECLARED BY THE GOVERNOR AND UP TO EIGHT MONTHS AFTER THE STATE OF EMER-
 GENCY  HAS  BEEN  DECLARED; (B) DURING A TIME IN WHICH THE GOVERNMENT OF
 THE UNITED STATES HAS AUTHORIZED RENEWAL OR EXTENSION BEYOND THE DATE OF
 THE PANDEMIC UNEMPLOYMENT ASSISTANCE OUTLINE IN TITLE II  OF  THE  CARES
 ACT;  (C)  UP  TO  THE LAST DAY OF THE CALENDAR QUARTER OF THE EMERGENCY
 PERIOD DEFINED IN PARAGRAPH (1)(B) OF SECTION  1135(G)  OF  THE  FEDERAL
 SOCIAL SECURITY ACT (42 U.S.C. 1320B-5(G)) AND ENDING ON THE LAST DAY OF
 THE  CALENDAR  QUARTER IN WHICH THE LAST DAY OF SUCH AN EMERGENCY PERIOD
 OCCURS; OR (D) UP TO THE LAST DAY OF ANY CALENDAR QUARTER  DURING  WHICH
 THE  U.S. BUREAU OF LABOR STATISTICS REPORTS A SEASONALLY ADJUSTED UNEM-
 PLOYMENT RATE OF SIX PERCENT OR MORE IN THE STATE.
   2. PROOF OF ELIGIBILITY MAY BE ESTABLISHED BY DOCUMENTATION OR, IN THE
 ABSENCE OF DOCUMENTATION, BY SELF-ATTESTATION.
   (A) THE ALLOWANCE PAYABLE TO  INDIVIDUALS  SHALL  BE  PAYABLE  IN  THE
 AMOUNT  OF  THIRTY-THREE HUNDRED DOLLARS PER MONTH, PAYABLE MONTHLY FROM
 APRIL TWO THOUSAND TWENTY THROUGH DECEMBER  THIRTY-FIRST,  TWO  THOUSAND
 TWENTY.    PAYMENTS SHALL BE RETROACTIVE TO THE LATTER OF THE FIRST DATE

 S. 8277                             5
 
 OF EARNINGS LOSS DURING THE STATE OF EMERGENCY OR APRIL FIRST, TWO THOU-
 SAND TWENTY.    THE TOTAL AMOUNT PAID FOR ANY  BENEFIT  YEAR  SHALL  NOT
 EXCEED  THE  MAXIMUM  AMOUNT  OF BENEFITS PAYABLE UNDER THIS ARTICLE AND
 TITLE II OF THE CARES ACT.
   (B)  PAYMENTS SHALL CONTINUE UNTIL THE LATER OF:  (I) DECEMBER THIRTY-
 FIRST, TWO THOUSAND TWENTY; (II) THE LAST DAY OF  THE  CALENDAR  QUARTER
 DURING  WHICH THE GOVERNMENT OF THE UNITED STATES HAS AUTHORIZED RENEWAL
 OR EXTENSION BEYOND THE DATE OF PANDEMIC UNEMPLOYMENT ASSISTANCE;  (III)
 THE  LAST DAY OF THE CALENDAR QUARTER OF THE EMERGENCY PERIOD DEFINED IN
 PARAGRAPH (1)(B) OF SECTION 1135(G) OF THE FEDERAL SOCIAL  SECURITY  ACT
 (42  U.S.C. 1320B-5(G)) AND ENDING ON THE LAST DAY OF THE CALENDAR QUAR-
 TER IN WHICH THE LAST DAY OF SUCH AN EMERGENCY PERIOD  OCCURS;  OR  (IV)
 THE  LAST  DAY  OF  ANY CALENDAR QUARTER DURING WHICH THE U.S. BUREAU OF
 LABOR STATISTICS REPORTS A SEASONALLY ADJUSTED UNEMPLOYMENT RATE OF  SIX
 PERCENT OR MORE IN THE STATE.
   § 6. This act shall take effect immediately.

Co-Sponsors

view additional co-sponsors

S8277A - Details

See Assembly Version of this Bill:: A10414
Current Committee:: Senate Budget And Revenue
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 2021-2022 Legislative Session:: A5092

S8277A - 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.

S8277A - Sponsor Memo

 
BILL NUMBER: S8277A

SPONSOR: RAMOS
 
TITLE OF BILL:

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

 
SUMMARY OF PROVISIONS:

Section 1. Establishes the act to be cited as the "billionaire mark to
market tax and worker bailout fund 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. Year one taxes all built in gains on assets owned by billio-
naires before 2020 with a ten year payout period. Year two, onward taxes
the yearly gains of assets unrealized. All money collected from this tax

will be placed in "the worker bailout fund."

Section 3. Amends the state finance law by adding a new section 95-j
which establishes the creation of the "worker bailout fund". The worker
bailout fund can only be used for the purposes of wage replacement to
workers and families unable to access traditional worker wage insurance
or assistance programs. All money will be in joint custody of the state
comptroller and commissioner of taxation and finance.

Section 4. Amends the labor law by adding section 591-b, which estab-
lishes the worker bailout program. This section outlines the application
process and form requirements, including various options for primary
proofs of identification, names and address of employers and hiring
parties for the last eighteen months, and/or mailing address. Further-
more, this section limits data collection for the public record and data
sharing with federal authorities to lawful court orders, judicial
warrants, and subpoenas for specific individuals.

Section 5. Amends the labor law to add section 644 which creates eligi-
bility requirements for applicants to qualify for the worker bailout
program. The requirements for individuals include:  individuals who
don't meet the eligibility requirements for unemployment insurance or
for assistance under Title II of the federal CARES act; and those indi-
viduals had to have suffered a loss of work related earnings, or a loss
of one or more major sources of household income due to the death or
disability of a close household member whose income the family depended
on, during the state of emergency. Additionally, people released from
post-arraignment incarceration or detention on or after October 1, 2019
are eligible for the wage replacement. Lastly, the payments shall
continue until whichever comes later, the end of year, or other indica-
tors which say whether the emergency has ended and the economy has
recovered.

Section 6. This act shall take effect immediately.

 
JUSTIFICATION:

In the wake of the COVID-19 pandemic, the economy is in free fall. As of
April 23rd, 26 million Americans have applied for unemployment insur-
ance. The state and federal government's social safety net for those
individuals who now find themselves out of work, while generous, does
not cover large swaths of the population. On top of that, state budget
projections show a $15 billion dollar budget deficit. Raising revenue to
help regular New Yorkers is more critical than ever.

Our legislation would address both the lack of revenue coming into the
state coffers and provide financial assistance to those excluded from
Title II of the CARES Act and from State Unemployment Insurance.  Name-
ly, on the front of our bill, we apply an annual income tax to billio-
naires untaxed investments. The mark to market tax treats billionaires
unrealized capital gains as income. Further, the billionaires tax will
finance the creation of a worker bailout fund and program. The worker
bailout program provides workers and individuals and with $3,300 per
month, if they are: 1) excluded from Unemployment and the CARES Act; and
2) during the current state of emergency, a loss of income of either the
individual or a close family member-who they were dependent upon for
wages- or a loss of income due to death or disability; and 3) Have been
released from post arraignment incarceration or detention on or after
October 1st, 2020.

 
LEGISLATIVE HISTORY:

New Bill

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

S8277A - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8277--A
 
                             I N  S E N A T E
 
                                May 1, 2020
                                ___________
 
 Introduced  by Sens. RAMOS, BAILEY, BENJAMIN, BIAGGI, COMRIE, GOUNARDES,
   HOYLMAN, JACKSON, KAVANAGH, LIU, MAY, MYRIE, RIVERA, SALAZAR, SANDERS,
   STAVISKY -- read twice and ordered printed, and  when  printed  to  be
   committed  to  the  Committee  on  Budget  and  Revenue  --  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) 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.
   (B)  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD16158-03-0

 S. 8277--A                          2
 
 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
 YEAR. TO THE EXTENT THE LOSSES OF  A  TAXPAYER  EXCEED  SUCH  TAXPAYER'S
 GAINS,  THE  NET LOSSES SHALL NOT BE RECOGNIZED IN SUCH TAXABLE YEAR AND
 SHALL CARRY FORWARD INDEFINITELY.
   (C) FOR THE PURPOSE OF THIS SECTION, THE TERM "ASSETS"  SHALL  INCLUDE
 ALL  OWNED  REAL OR PERSONAL, TANGIBLE OR INTANGIBLE, PROPERTY, WHEREVER
 SITUATED, (1) OWNED BY THE TAXPAYER, (2) OWNED BY THE TAXPAYER'S SPOUSE,
 MINOR CHILDREN, OR ANY TRUST OR ESTATE OF WHICH THE TAXPAYER IS A  BENE-
 FICIARY,  (3)  THE ASSETS OF ANY PRIVATE FOUNDATION, DONOR ADVISED FUND,
 AND ANY OTHER ENTITY DESCRIBED IN SECTION 501(C) OR SECTION 527  OF  THE
 INTERNAL REVENUE CODE OF WHICH THE TAXPAYER IS A SUBSTANTIAL CONTRIBUTOR
 (AS  SUCH  TERM  IS  DEFINED IN SECTION 4958(C)(3)(B)(I) OF THE INTERNAL
 REVENUE CODE), AND (4) WITHOUT DUPLICATION, ALL GIFTS AND DONATIONS MADE
 WITHIN THE PAST FIVE YEARS BY THE  TAXPAYER  OR  ANY  PERSON  OR  ENTITY
 DESCRIBED  IN  PARAGRAPH  TWO  OF  THIS  SUBSECTION AS IF SUCH GIFTS AND
 DONATIONS WERE STILL OWNED BY THE TAXPAYER.  FOR  THE  PURPOSE  OF  THIS
 SECTION, "NET ASSETS" SHALL INCLUDE THE FAIR MARKET VALUE OF ASSETS LESS
 THE FAIR MARKET VALUE OF LIABILITIES OF THE TAXPAYER AND, IN APPROPRIATE
 CASES  AS  DETERMINED  BY  THE  COMMISSIONER,  LIABILITIES OF SUCH OTHER
 PERSONS DESCRIBED IN THE DEFINITION OF ASSETS.
   4. THE MONEYS RECEIVED FROM SUCH TAX, AFTER DEDUCTING THE  AMOUNT  THE
 COMMISSIONER SHALL DETERMINE TO BE NECESSARY FOR REASONABLE COSTS OF THE
 STATE  TAX COMMISSION IN ADMINISTERING, COLLECTING AND DISTRIBUTING SUCH
 TAX, SHALL BE DISTRIBUTED TO THE WORKER BAILOUT FUND ESTABLISHED  PURSU-
 ANT TO SECTION NINETY-FIVE-J OF THE STATE FINANCE LAW.
   5.  THE COMMISSIONER SHALL PROMULGATE RULES AND REGULATIONS IMPLEMENT-
 ING THIS SECTION.
   § 3. The state finance law is amended by adding a new section 95-j  to
 read as follows:
   §  95-J.  WORKER  BAILOUT  FUND. 1. THERE IS HEREBY ESTABLISHED IN THE
 JOINT CUSTODY OF THE COMMISSIONER OF TAXATION AND FINANCE AND THE  STATE
 COMPTROLLER A FUND TO BE KNOWN AS THE "WORKER BAILOUT FUND".
   2.  THE  WORKER BAILOUT FUND SHALL CONSIST OF ALL MONEYS COLLECTED AND
 RECEIVED BY THE COMMISSIONER PURSUANT TO SECTION SIX HUNDRED TWELVE-A OF
 THE TAX LAW, INCLUDING ANY INTEREST AND PENALTIES ASSOCIATED  WITH  SUCH
 COLLECTION.
   3. ALL MONEYS COLLECTED AS CONTRIBUTIONS AND INTEREST RELATING TO WAGE
 REPLACEMENT  TO WORKERS AND FAMILIES UNABLE TO ACCESS TRADITIONAL WORKER
 WAGE INSURANCE OR ASSISTANCE PROGRAMS SHALL  BE  DEPOSITED  IN  A  BANK,
 TRUST  COMPANY  OR  INDUSTRIAL BANK DESIGNATED BY THE STATE COMPTROLLER.
 MONEYS SO DEPOSITED SHALL BE CREDITED IMMEDIATELY TO THE ACCOUNT OF  THE
 WORKER  BAILOUT  FUND  AND  SHALL  BE USED FOR THE PURPOSES SET FORTH IN
 SECTION SIX HUNDRED FORTY-FOUR OF THIS ARTICLE. MONEYS IN SUCH FUND  MAY
 BE  INVESTED  BY THE STATE COMPTROLLER IN ACCORDANCE WITH THE PROVISIONS
 OF SECTION NINETY-EIGHT OF THIS ARTICLE,  AND  SHALL  BE  USED  FOR  THE
 PURPOSES SPECIFIED HEREIN.
   4.  MONEYS  OF  THE  FUND SHALL BE USED EXCLUSIVELY FOR THE PURPOSE OF
 PROVIDING EMERGENCY WAGE REPLACEMENT TO WORKERS THAT DO NOT QUALIFY  FOR
 UNEMPLOYMENT  INSURANCE  OR OTHER WORKER WAGE ASSISTANCE PROGRAMS AND TO
 HOUSEHOLDS WHO HAVE LOST A MAJOR SOURCE OF INCOME DUE TO  THE  DEATH  OR
 DISABILITY OF A CLOSE HOUSEHOLD MEMBER WHO COULD NOT ACCESS UNEMPLOYMENT
 INSURANCE OR OTHER WORKER WAGE ASSISTANCE PROGRAMS.  THE MONEYS SHALL BE
 PAID  OUT  OF THE FUND ON THE AUDIT AND WARRANT OF THE STATE COMPTROLLER

 S. 8277--A                          3
 
 ON VOUCHERS CERTIFIED OR APPROVED BY SUCH COMMISSIONER THE  DULY  DESIG-
 NATED  OFFICER. ANY BALANCE IN SUCH FUND SHALL NOT LAPSE AT ANY TIME BUT
 SHALL REMAIN CONTINUOUSLY AVAILABLE FOR SUCH PURPOSES.
   5.  MONEYS  OF  THE FUND SHALL NOT BE USED IN WHOLE OR IN PART FOR ANY
 PURPOSE OR IN ANY MANNER WHICH (A) WOULD PERMIT ITS SUBSTITUTION FOR, OR
 A CORRESPONDING REDUCTION IN, FEDERAL FUNDS THAT WOULD BE  AVAILABLE  IN
 ITS ABSENCE TO FINANCE EXPENDITURES FOR THE ADMINISTRATION OF THIS ARTI-
 CLE;  OR  (B)  WOULD  CAUSE  THE APPROPRIATE AGENCY OF THE UNITED STATES
 GOVERNMENT TO WITHHOLD ANY PART OF AN ADMINISTRATIVE GRANT  WHICH  WOULD
 OTHERWISE BE MADE.
   § 4. The labor law is amended by adding a new section 591-b to read as
 follows:
   §  591-B.  WORKER BAILOUT PROGRAM. 1. THE DEPARTMENT IS HEREBY AUTHOR-
 IZED AND EMPOWERED TO ESTABLISH AND OPERATE A WORKER BAILOUT PROGRAM  AS
 AUTHORIZED PURSUANT TO SECTION SIX HUNDRED FORTY-FOUR OF THIS ARTICLE.
   2.  EACH  WORKER BAILOUT PROGRAM APPLICANT SHALL PROVIDE, IN SUCH FORM
 AND AT SUCH TIME AS THE COMMISSIONER MAY PRESCRIBE, AT LEAST TWO OF  THE
 FOLLOWING:
   (A)  PRIMARY  PROOF OF IDENTITY INCLUDING, BUT NOT LIMITED TO, A DRIV-
 ER'S LICENSE, MOTOR VEHICLE  ID  CARD  NUMBER,  VALID  FOREIGN  DRIVER'S
 LICENSE  THAT INCLUDES A PHOTO IMAGE OF THE APPLICANT AND WHICH IS UNEX-
 PIRED OR EXPIRED FOR LESS THAN TWENTY-FOUR MONTHS OF ITS DATE OF EXPIRA-
 TION, NEW YORK STATE ID, IDNYC OR OTHER NEW  YORK  MUNICIPAL  OR  COUNTY
 IDENTIFICATION  CARD,  STUDENT ID CARD, VALID UNEXPIRED FOREIGN PASSPORT
 ISSUED BY THE APPLICANT'S COUNTRY OF  CITIZENSHIP,  OR  VALID  UNEXPIRED
 CONSULAR  IDENTIFICATION  DOCUMENT ISSUED BY A CONSULATE FROM THE APPLI-
 CANT'S COUNTRY OF CITIZENSHIP. NOTHING  CONTAINED  IN  THIS  SUBDIVISION
 SHALL  BE  DEEMED TO PRECLUDE THE COMMISSIONER FROM APPROVING ADDITIONAL
 PROOFS OF IDENTITY; OR
   (B) SOCIAL SECURITY NUMBER OR, IN LIEU THEREOF, AN INDIVIDUAL TAXPAYER
 IDENTIFICATION NUMBER OR A UNITED  STATES  CITIZENSHIP  AND  IMMIGRATION
 SERVICES NUMBER; OR
   (C) NAMES AND ADDRESSES OF ALL EMPLOYERS AND/OR HIRING PARTIES, IN AND
 OUT  OF  THE STATE, FOR THE LAST EIGHTEEN MONTHS TO THE EXTENT THAT SUCH
 INFORMATION IS AVAILABLE TO THE APPLICANT; OR
   (D) MAILING ADDRESS AND ZIP CODE.
   3. APPLICATION FORMS FOR SUCH PROGRAM SHALL NOT STATE: (A)  THE  DOCU-
 MENTS  AN  APPLICANT USED TO PROVE IDENTITY; OR (B) AN APPLICANT'S INEL-
 IGIBILITY FOR A SOCIAL SECURITY  NUMBER  WHERE  APPLICABLE;  OR  (C)  AN
 APPLICANT'S CITIZENSHIP OR IMMIGRATION STATUS.
   4.  ANY  PORTION  OF  ANY  ORIGINAL  DOCUMENTS  OR COPIES OF DOCUMENTS
 RETAINED OR COLLECTED BY THE DEPARTMENT IN RELATION TO THE WORKER  BAIL-
 OUT  PROGRAM APPLICATION TO PROVE IDENTITY, AGE OR FITNESS OR ANY RECORD
 THAT CONTAINS THE PHOTO IMAGE OR IDENTIFIES THE SOCIAL SECURITY  NUMBER,
 TELEPHONE  NUMBER,  PLACE  OF BIRTH, COUNTRY OF ORIGIN, PLACE OF EMPLOY-
 MENT, SCHOOL OR EDUCATIONAL  INSTITUTION  ATTENDED,  SOURCE  OF  INCOME,
 STATUS  AS  A  RECIPIENT OF PUBLIC BENEFITS, THE CUSTOMER IDENTIFICATION
 NUMBER ASSOCIATED WITH A PUBLIC UTILITIES ACCOUNT,  MEDICAL  INFORMATION
 OR  DISABILITY  INFORMATION  OF  THE  HOLDER  OF, OR APPLICANT FOR, SUCH
 PROGRAM IS NOT A PUBLIC RECORD AND SHALL NOT BE DISCLOSED  OR  OTHERWISE
 MADE ACCESSIBLE IN RESPONSE TO ANY REQUEST FOR RECORDS EXCEPT:
   (A) TO THE PERSON WHO IS THE SUBJECT OF SUCH RECORDS; OR
   (B)  WHERE  NECESSARY  TO  COMPLY  WITH A LAWFUL COURT ORDER, JUDICIAL
 WARRANT SIGNED BY A JUDGE APPOINTED  PURSUANT  TO  ARTICLE  III  OF  THE
 UNITED  STATES  CONSTITUTION,  OR SUBPOENA FOR INDIVIDUAL RECORDS ISSUED

 S. 8277--A                          4
 
 PURSUANT TO THE CRIMINAL PROCEDURE LAW OR THE  CIVIL  PRACTICE  LAW  AND
 RULES.
   5.  FOR  THE  PURPOSES OF THIS SECTION, WHENEVER A LAWFUL COURT ORDER,
 JUDICIAL WARRANT, OR SUBPOENA FOR  INDIVIDUAL  RECORDS  PROPERLY  ISSUED
 PURSUANT  TO  THE  CRIMINAL  PROCEDURE LAW OR THE CIVIL PRACTICE LAW AND
 RULES IS PRESENTED TO THE COMMISSIONER, ONLY THOSE  RECORDS,  DOCUMENTS,
 AND  INFORMATION  SPECIFICALLY  SOUGHT  BY SUCH COURT ORDER, WARRANT, OR
 SUBPOENA MAY BE DISCLOSED.
   6. NOTWITHSTANDING THE DISCLOSURE OF RECORDS PURSUANT TO  SUBDIVISIONS
 FOUR AND FIVE OF THIS SECTION, THE COMMISSIONER SHALL REQUIRE ANY PERSON
 OR ENTITY THAT RECEIVES OR HAS ACCESS TO RECORDS OR INFORMATION FROM THE
 DEPARTMENT  TO  CERTIFY  TO  THE  COMMISSIONER,  BEFORE  SUCH RECEIPT OR
 ACCESS, THAT SUCH PERSON OR ENTITY SHALL NOT:
   (A) USE SUCH RECORDS OR INFORMATION FOR PURPOSES OTHER  THAN  FOR  THE
 ADMINISTRATION OF THE WORKER BAILOUT PROGRAM OR WORKER BAILOUT FUND; OR
   (B) DISCLOSE SUCH RECORDS OR INFORMATION TO ANY OTHER AGENCY OR TO ANY
 EMPLOYEE  OR AGENT OF ANY SUCH AGENCY UNLESS SUCH DISCLOSURE IS PURSUANT
 TO A COOPERATIVE ARRANGEMENT BETWEEN CITY, STATE  AND  FEDERAL  AGENCIES
 AND  WHICH  ARRANGEMENT DISCLOSURE IS LIMITED TO THE SPECIFIC RECORDS OR
 INFORMATION BEING SOUGHT PURSUANT TO SUCH ARRANGEMENT  AND  USED  SOLELY
 FOR THE ADMINISTRATION OF THE WORKER BAILOUT PROGRAM OR THE WORKER BAIL-
 OUT FUND.
   §  5.  The labor law is amended by adding a new section 644 to read as
 follows:
   § 644. ELIGIBILITY FOR WORKER BAILOUT PROGRAM. 1. FOR THE  PURPOSE  OF
 SECTION  FIVE  HUNDRED  NINETY-ONE-B  OF  THIS ARTICLE, THE TERM "WORKER
 BAILOUT PROGRAM" MEANS A PROGRAM UNDER WHICH ASSISTANCE IS AVAILABLE  TO
 INDIVIDUALS WHO RESIDE IN THE STATE AND:
   (A) DO NOT MEET THE ELIGIBILITY REQUIREMENTS:
   (I)  FOR UNEMPLOYMENT INSURANCE BENEFITS AS DESCRIBED IN THIS ARTICLE,
 INCLUDING BENEFITS PAYABLE TO FEDERAL CIVILIAN EMPLOYEES AND TO  EX-SER-
 VICEMEN  AND  SERVICEWOMEN  PURSUANT  TO CHAPTER 85 OF THE UNITED STATES
 CODE, AND BENEFITS AUTHORIZED TO BE USED FOR THE SELF-EMPLOYMENT ASSIST-
 ANCE PROGRAM PURSUANT TO THE FEDERAL-STATE EXTENDED UNEMPLOYMENT COMPEN-
 SATION ACT OF 1970; OR
   (II) TO RECEIVE INSURANCE OR ASSISTANCE PAYMENTS  UNDER  ANY  PROGRAMS
 PROVIDED FOR UNDER TITLE II OF THE FEDERAL CARES ACT; OR
   (B) SUFFERED A LOSS:
   (I) OF WORK-RELATED EARNINGS; OR
   (II) OF ONE OR MORE MAJOR SOURCES OF HOUSEHOLD INCOME DUE TO THE DEATH
 OR  DISABILITY  OF  A  CLOSE HOUSEHOLD MEMBER ON WHOSE INCOME THE FAMILY
 DEPENDED, DURING A STATE OF EMERGENCY DECLARED  BY  THE  GOVERNOR.    NO
 INDIVIDUAL  SHALL  BE  ELIGIBLE  TO  RECEIVE ASSISTANCE UNDER THE WORKER
 BAILOUT PROGRAM IN ANY MONTH IF THE  GROSS  WORK-RELATED  EARNINGS  THEY
 RECEIVED IN THE PREVIOUS CALENDAR MONTH EXCEEDS TWO THOUSAND ONE HUNDRED
 EIGHTY-TWO  DOLLARS.    SUCH  AN  ALLOWANCE  SHALL ONLY BE ACCESSED: (A)
 DURING A STATE OF EMERGENCY AS DECLARED BY THE GOVERNOR AND UP TO  EIGHT
 MONTHS AFTER THE STATE OF EMERGENCY HAS BEEN DECLARED; (B) DURING A TIME
 IN  WHICH  THE GOVERNMENT OF THE UNITED STATES HAS AUTHORIZED RENEWAL OR
 EXTENSION BEYOND  THE  DATE  OF  THE  PANDEMIC  UNEMPLOYMENT  ASSISTANCE
 OUTLINE  IN  TITLE  II  OF  THE CARES ACT; (C) UP TO THE LAST DAY OF THE
 CALENDAR QUARTER OF THE EMERGENCY PERIOD DEFINED IN PARAGRAPH (1)(B)  OF
 SECTION   1135(G)   OF  THE  FEDERAL  SOCIAL  SECURITY  ACT  (42  U.S.C.
 1320B-5(G)) AND ENDING ON THE LAST DAY OF THE CALENDAR QUARTER IN  WHICH
 THE  LAST  DAY OF SUCH AN EMERGENCY PERIOD OCCURS; OR (D) UP TO THE LAST
 DAY OF ANY CALENDAR QUARTER  DURING  WHICH  THE  U.S.  BUREAU  OF  LABOR

 S. 8277--A                          5
 
 STATISTICS  REPORTS  A  SEASONALLY  ADJUSTED  UNEMPLOYMENT  RATE  OF SIX
 PERCENT OR MORE IN THE STATE AND PROVIDED FURTHER THAT NO OTHER INDIVID-
 UAL IN THE HOUSEHOLD IS RECEIVING AN ALLOWANCE UNDER THE WORKER  BAILOUT
 PROGRAM FOR THE SAME MONTH FOR THE SAME REASON.
   (C)  WERE RELEASED FROM POST-ARRAIGNMENT INCARCERATION OR DETENTION OR
 FROM IMMIGRATION DETENTION ON OR AFTER OCTOBER FIRST, TWO THOUSAND NINE-
 TEEN.
   2. PROOF OF ELIGIBILITY MAY BE ESTABLISHED BY DOCUMENTATION OR, IN THE
 ABSENCE OF DOCUMENTATION, BY SELF-ATTESTATION.
   (A) THE ALLOWANCE PAYABLE TO  INDIVIDUALS  SHALL  BE  PAYABLE  IN  THE
 AMOUNT  OF  THIRTY-THREE HUNDRED DOLLARS PER MONTH, PAYABLE MONTHLY FROM
 APRIL TWO THOUSAND TWENTY THROUGH DECEMBER  THIRTY-FIRST,  TWO  THOUSAND
 TWENTY.    PAYMENTS SHALL BE RETROACTIVE TO THE LATTER OF THE FIRST DATE
 OF EARNINGS LOSS DURING THE STATE OF EMERGENCY OR APRIL FIRST, TWO THOU-
 SAND TWENTY.    THE TOTAL AMOUNT PAID FOR ANY  BENEFIT  YEAR  SHALL  NOT
 EXCEED  THE  MAXIMUM  AMOUNT  OF BENEFITS PAYABLE UNDER THIS ARTICLE AND
 TITLE II OF THE CARES ACT.
   (B) PAYMENTS SHALL CONTINUE UNTIL THE LATER OF:  (I) DECEMBER  THIRTY-
 FIRST,  TWO  THOUSAND  TWENTY; (II) THE LAST DAY OF THE CALENDAR QUARTER
 DURING WHICH THE GOVERNMENT OF THE UNITED STATES HAS AUTHORIZED  RENEWAL
 OR  EXTENSION BEYOND THE DATE OF PANDEMIC UNEMPLOYMENT ASSISTANCE; (III)
 THE LAST DAY OF THE CALENDAR QUARTER OF THE EMERGENCY PERIOD DEFINED  IN
 PARAGRAPH  (1)(B)  OF SECTION 1135(G) OF THE FEDERAL SOCIAL SECURITY ACT
 (42 U.S.C. 1320B-5(G)) AND ENDING ON THE LAST DAY OF THE CALENDAR  QUAR-
 TER  IN  WHICH  THE LAST DAY OF SUCH AN EMERGENCY PERIOD OCCURS; OR (IV)
 THE LAST DAY OF ANY CALENDAR QUARTER DURING WHICH  THE  U.S.  BUREAU  OF
 LABOR  STATISTICS REPORTS A SEASONALLY ADJUSTED UNEMPLOYMENT RATE OF SIX
 PERCENT OR MORE IN THE STATE.
   3. NO INDIVIDUAL SHALL BE REQUIRED TO APPLY FOR ASSISTANCE  UNDER  THE
 WORKER  BAILOUT  PROGRAM  AS A CONDITION OF ELIGIBILITY FOR ANY STATE OR
 LOCAL PROGRAM.
   § 6. This act shall take effect immediately.

Co-Sponsors

view additional co-sponsors

S8277B (ACTIVE) - Details

See Assembly Version of this Bill:: A10414
Current Committee:: Senate Budget And Revenue
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 2021-2022 Legislative Session:: A5092

S8277B (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.

S8277B (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S8277B

SPONSOR: RAMOS
 
TITLE OF BILL:

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

 
SUMMARY OF PROVISIONS:

Section 1. Establishes the act to be cited as the "billionaire mark to
market tax and worker bailout fund 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. Year one taxes all built in gains on assets owned by billio-
naires before 2020 with a ten year payout period. Year two onward, taxes
the yearly gains of assets unrealized. All money collected from this tax

will be placed in "the worker bailout fund."

Section 3. Amends the state finance law by adding a new section 95-j
which establishes the creation of the "worker bailout fund". The worker
bailout fund can only be used for the purposes of wage replacement to
workers and families unable to access traditional worker wage insurance
or assistance programs. All money will be in joint custody of the state
comptroller and commissioner of taxation and finance.

Section 4. Amends the labor law by adding section 591-b, which estab-
lishes the worker bailout program. This section outlines the application
process and form requirements, including various options for primary
proofs of identification, names and address of employers and hiring
parties for the last eighteen months, and/or mailing address. Further-
more, this section limits data collection for the public record and data
sharing with federal authorities to lawful court orders, judicial
warrants, and subpoenas for specific individuals.

Section 5. Amends the labor law to add section 644 which creates eligi-
bility requirements for applicants to qualify for the worker bailout
program. The requirements for individuals include:  individuals who
don't meet the eligibility requirements for unemployment insurance or
for assistance under Title II of the federal CARES act; and those indi-
viduals had to have suffered a loss of work related earnings, or a loss
of one or more major sources of household income due to the death or
disability of a close household member whose income the family depended
on, during the state of emergency. Additionally, people released from
post-arraignment incarceration or detention on or after October 1, 2019
are eligible for the wage replacement. Lastly, the payments shall
continue until whichever comes later, the end of year, or other indica-
tors which say whether the emergency has ended and the economy has
recovered.

Section 6. This act shall take effect immediately.

 
JUSTIFICATION:

In the wake of the COVID-19 pandemic, the economy is in free fall. As of
April 23rd, 26 million Americans have applied for unemployment insur-
ance. The state and federal government's social safety net for those
individuals who now find themselves out of work, while generous, does
not cover large swaths of the population. On top of that, state budget
projections show a $15 billion dollar budget deficit. Raising revenue to
help regular New Yorkers is more critical than ever.

Our legislation would address both the lack of revenue coming into the
state coffers and provide financial assistance to those excluded from
Title II of the CARES Act and from State Unemployment Insurance.  Name-
ly, on the front of our bill, we apply an annual income tax to billio-
naires untaxed investments. The mark to market tax treats billionaires
unrealized capital gains as income. Further, the billionaires tax will
finance the creation of a worker bailout fund and program. The worker
bailout program provides workers and individuals and with $3,300 per
month, if they are: 1) excluded from Unemployment and the CARES Act; and
2) during the current state of emergency, a loss of income of either the
individual or a close family member-who they were dependent upon for
wages- or a loss of income due to death or disability; and 3) Have been
released from post arraignment incarceration or detention on or after
October 1st, 2020.

 
LEGISLATIVE HISTORY:

New Bill

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

S8277B (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8277--B
 
                             I N  S E N A T E
 
                                May 1, 2020
                                ___________
 
 Introduced  by  Sens. RAMOS, BAILEY, BENJAMIN, BIAGGI, COMRIE, GIANARIS,
   GOUNARDES,  HOYLMAN,  JACKSON,  KAVANAGH,  LIU,  MAY,  MYRIE,  PARKER,
   RIVERA,  SALAZAR,  SANDERS,  SEPULVEDA,  STAVISKY  --  read  twice and
   ordered printed, and when printed to be committed to the Committee  on
   Budget  and  Revenue  --  committee  discharged, bill amended, ordered
   reprinted as amended and recommitted to said  committee  --  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
 WITH ALL SUCH INSTALLMENT PAYMENTS COMMENCING AFTER THE INITIAL INSTALL-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD16158-09-0

 S. 8277--B                          2
 
 MENT  PAYMENT  ALSO  BEING  SUBJECT  TO AN ANNUAL NONDEDUCTIBLE DEFERRAL
 CHARGE OF SEVEN AND ONE-HALF PERCENT ANNUALLY. FOR  RESIDENT  INDIVIDUAL
 TAXPAYERS  WHO  WOULD RECOGNIZE NET GAINS AS A RESULT OF THIS SUBSECTION
 EXCEPT FOR THE OPERATION OF THIS SENTENCE, IF THE TAXPAYER CAN SHOW THAT
 ANY PORTION OF SUCH GAINS WAS ACCUMULATED PRIOR TO THE TAXPAYER BECOMING
 A  RESIDENT  INDIVIDUAL  OF  NEW YORK, AND IF THE TAXPAYER CAN ALSO SHOW
 THAT SUCH PORTION OF SUCH GAINS WAS PREVIOUSLY TAXED BY ANY PRIOR  STATE
 OR JURISDICTION IN WHICH THE TAXPAYER WAS A RESIDENT PRIOR TO BECOMING A
 RESIDENT  INDIVIDUAL  OF  NEW YORK, THEN CREDIT SHALL BE PROVIDED IN THE
 AMOUNT OF ANY SUCH TAX ON SUCH GAINS PAID TO ANY SUCH  PRIOR  STATES  OR
 JURISDICTIONS  IN  WHICH THE TAXPAYER WAS A RESIDENT PRIOR TO BECOMING A
 RESIDENT INDIVIDUAL OF  NEW  YORK.  ANY  CREDITS  SO  PROVIDED  BY  THIS
 SUBSECTION,  HOWEVER,  SHALL NOT EXCEED THE LESSER OF THE TOTAL TAX OWED
 UNDER THIS SUBSECTION ON SUCH GAINS AND THE TAX IMPOSED ON SUCH GAINS BY
 SUCH OTHER PRIOR STATES OR JURISDICTIONS IN WHICH  THE  TAXPAYER  WAS  A
 RESIDENT PRIOR TO BECOMING A RESIDENT INDIVIDUAL OF NEW YORK.
   (2)  FOR  THE TWO THOUSAND TWENTY TAX YEAR, WHETHER AN INDIVIDUAL IS A
 RESIDENT INDIVIDUAL FOR PURPOSES OF THIS  SECTION  SHALL  BE  DETERMINED
 USING  THE TESTS PROVIDED PURSUANT TO PARAGRAPH ONE OF SUBSECTION (B) OF
 SECTION SIX HUNDRED FIVE OF THIS ARTICLE.
   (B) SUBSEQUENT TO TWO THOUSAND TWENTY, RESIDENT  INDIVIDUAL  TAXPAYERS
 WITH NET ASSETS THAT ARE WORTH ONE BILLION DOLLARS OR MORE AT THE END OF
 THE  LAST  DAY  OF  ANY TAX YEAR SHALL RECOGNIZE GAIN OR LOSS AS IF EACH
 ASSET OWNED BY SUCH TAXPAYER ON SUCH DATE WERE SOLD FOR ITS FAIR  MARKET
 VALUE  ON  SUCH  DATE,  BUT WITH ADJUSTMENT MADE FOR TAX PAID ON GAIN IN
 PREVIOUS YEARS. ANY RESULTING NET GAINS FROM THESE DEEMED SALES,  UP  TO
 THE  PHASE-IN CAP AMOUNT, SHALL BE INCLUDED IN THE TAXPAYER'S INCOME FOR
 SUCH TAXABLE 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. TO THE EXTENT THAT THE LOSSES OF A TAXPAY-
 ER EXCEED SUCH TAXPAYER'S GAINS, SUCH NET LOSSES SHALL NOT BE RECOGNIZED
 IN SUCH TAXABLE YEAR AND SHALL INSTEAD CARRY FORWARD  INDEFINITELY.  FOR
 RESIDENT  INDIVIDUAL TAXPAYERS WHO WOULD RECOGNIZE NET GAINS AS A RESULT
 OF THIS SUBSECTION EXCEPT FOR THE OPERATION OF THIS  SENTENCE,  BUT  WHO
 WERE  NOT  RESIDENT INDIVIDUALS FOR ALL OF THE PRECEDING FIVE TAX YEARS,
 SOLELY FOR PURPOSES OF DEEMED SALES PURSUANT TO THIS SUBSECTION, THE TAX
 BASIS OF EACH ASSET OWNED ON THE LAST DAY OF THE LAST  TAX  YEAR  BEFORE
 THE  RESIDENT  INDIVIDUAL  BECAME  A NEW YORK RESIDENT SHALL BE THE FAIR
 MARKET VALUE OF THE ASSET AS OF THAT DAY.
   (C) FOR EACH DATE ON WHICH GAINS OR LOSSES ARE RECOGNIZED AS A  RESULT
 OF  THIS SECTION, THE PHASE-IN CAP AMOUNT SHALL BE EQUAL TO A QUARTER OF
 THE WORTH OF A TAXPAYER'S NET ASSETS IN EXCESS OF ONE BILLION DOLLARS ON
 SUCH DATE.
   (D) FOR THE PURPOSES OF  DETERMINING  WHETHER  A  RESIDENT  INDIVIDUAL
 TAXPAYER  HAS  NET  ASSETS  WORTH  ONE BILLION DOLLARS OR MORE, THE TERM
 "ASSETS" SHALL INCLUDE ALL OF THE FOLLOWING,  BUT  ONLY  TO  THE  EXTENT
 ALLOWABLE  UNDER  THE NEW YORK CONSTITUTION, THE UNITED STATES CONSTITU-
 TION, AND ANY OTHER GOVERNING FEDERAL LAW: ALL OWNED REAL  OR  PERSONAL,
 TANGIBLE  OR  INTANGIBLE,  PROPERTY, WHEREVER SITUATED, (1) OWNED BY THE
 TAXPAYER, (2) OWNED BY THE TAXPAYER'S SPOUSE,  MINOR  CHILDREN,  OR  ANY
 TRUST  OR ESTATE OF WHICH THE TAXPAYER IS A BENEFICIARY, (3) CONTRIBUTED
 BY THE TAXPAYER OR ANY PERSON OR ENTITY DESCRIBED IN  PARAGRAPH  TWO  OF
 THIS  SUBSECTION  TO ANY PRIVATE FOUNDATION, DONOR ADVISED FUND, AND ANY
 OTHER ENTITY DESCRIBED IN SECTION 501(C) OR SECTION 527 OF THE  INTERNAL
 REVENUE CODE OF WHICH THE TAXPAYER AND/OR ANY PERSON OR ENTITY DESCRIBED
 IN  PARAGRAPH  TWO  OF  THIS SUBSECTION IS A SUBSTANTIAL CONTRIBUTOR (AS

 S. 8277--B                          3
 
 SUCH TERM IS DEFINED IN SECTION 4958(C)(3)(B)(I) OF THE INTERNAL REVENUE
 CODE), AND (4) WITHOUT DUPLICATION, ALL GIFTS AND DONATIONS MADE  WITHIN
 THE PAST FIVE YEARS BY THE TAXPAYER OR ANY PERSON OR ENTITY DESCRIBED IN
 PARAGRAPH  TWO  OF  THIS  SUBSECTION AS IF SUCH GIFTS AND DONATIONS WERE
 STILL OWNED BY THE TAXPAYER. FOR  THE  PURPOSE  OF  THIS  SECTION,  "NET
 ASSETS"  SHALL  INCLUDE  THE  FAIR  MARKET VALUE OF ASSETS LESS THE FAIR
 MARKET VALUE OF LIABILITIES OF THE TAXPAYER AND, IN APPROPRIATE CASES AS
 DETERMINED BY  THE  COMMISSIONER,  LIABILITIES  OF  SUCH  OTHER  PERSONS
 DESCRIBED IN THE DEFINITION OF ASSETS.
   (E)  (1)  THE  FAIR  MARKET  VALUE OF EACH ASSET OWNED BY THE TAXPAYER
 SHALL BE THE PRICE AT WHICH SUCH ASSET  WOULD  CHANGE  HANDS  BETWEEN  A
 WILLING  BUYER  AND A WILLING SELLER, NEITHER BEING UNDER ANY COMPULSION
 TO BUY OR TO SELL, AND BOTH  HAVING  REASONABLE  KNOWLEDGE  OF  RELEVANT
 FACTS.  THE  VALUE  OF  A PARTICULAR ASSET SHALL NOT BE THE PRICE THAT A
 FORCED SALE OF THE PROPERTY WOULD  PRODUCE.  FURTHER,  THE  FAIR  MARKET
 VALUE  OF  AN  ASSET  SHALL NOT BE THE SALE PRICE IN A MARKET OTHER THAN
 THAT IN WHICH SUCH ITEM IS MOST COMMONLY SOLD TO THE PUBLIC, TAKING INTO
 ACCOUNT THE LOCATION OF THE ITEM WHEREVER APPROPRIATE. IN THE CASE OF AN
 ASSET WHICH IS GENERALLY OBTAINED BY THE PUBLIC IN  THE  RETAIL  MARKET,
 THE  FAIR MARKET VALUE OF SUCH AN ASSET SHALL BE THE PRICE AT WHICH SUCH
 ITEM OR A COMPARABLE ITEM WOULD BE SOLD AT RETAIL.
   (2) FOR PURPOSES OF THIS SECTION, ANY FEATURE OF AN ASSET, SUCH  AS  A
 POISON  PILL,  THAT  WAS  ADDED  WITH THE INTENT, AND HAS THE EFFECT, OF
 REDUCING THE VALUE OF THE ASSET SHALL BE DISREGARDED, AND  NO  VALUATION
 OR  OTHER  DISCOUNT  SHALL  BE  TAKEN  INTO ACCOUNT IF IT WOULD HAVE THE
 EFFECT OF REDUCING THE VALUE OF A PRO RATA ECONOMIC INTEREST IN AN ASSET
 BELOW THE PRO RATA PORTION OF THE VALUE OF THE ENTIRE ASSET.
   (F) (1) (A) THE COMMISSIONER SHALL AMEND THE NEW YORK PERSONAL  INCOME
 TAX  FORMS  AND  AMEND  OR  CREATE  ANY OTHER FORMS AS NECESSARY FOR THE
 REPORTING OF GAINS  BY  ASSETS.  ASSETS  SHALL  BE  LISTED  WITH  (I)  A
 DESCRIPTION  OF  THE  ASSET, (II) THE ASSET CATEGORY, (III) THE YEAR THE
 ASSET WAS ACQUIRED, (IV) THE ADJUSTED NEW YORK BASIS OF THE ASSET AS  OF
 DECEMBER  THIRTY-FIRST OF THE TAX YEAR, (V) THE FAIR MARKET VALUE OF THE
 ASSET AS OF DECEMBER THIRTY-FIRST OF THE TAX YEAR, AND (VI)  THE  AMOUNT
 OF  GAIN  THAT WOULD BE NEW YORK TAXABLE INCOME, UNLESS THE COMMISSIONER
 SHALL DETERMINE THAT ONE OR MORE CATEGORIES IS  NOT  APPROPRIATE  FOR  A
 PARTICULAR TYPE OF ASSET.
   (B) ASSET CATEGORIES SHALL INCLUDE, BUT NOT BE LIMITED TO, THE FOLLOW-
 ING:
   (I) STOCK HELD IN ANY PUBLICLY TRADED CORPORATION;
   (II) STOCK HELD IN ANY PRIVATE TRADED C CORPORATION;
   (III) STOCK HELD IN ANY S CORPORATION;
   (IV)  INTERESTS  IN  ANY  PRIVATE  EQUITY OR HEDGE FUND ORGANIZED AS A
 PARTNERSHIP;
   (V) INTERESTS IN ANY OTHER PARTNERSHIPS;
   (VI) INTERESTS IN ANY OTHER NONCORPORATE BUSINESSES;
   (VII) BONDS AND INTEREST BEARING SAVINGS ACCOUNTS, CASH AND DEPOSITS;
   (VIII) INTERESTS IN MUTUAL FUNDS OR INDEX FUNDS;
   (IX) PUT AND CALL OPTIONS;
   (X) FUTURES CONTRACTS;
   (XI) FINANCIAL ASSETS HELD OFFSHORE REPORTED ON  IRS  TAX  FORM  EIGHT
 THOUSAND NINE HUNDRED THIRTY-EIGHT;
   (XII) REAL PROPERTY;
   (XIII) ART AND COLLECTIBLES;
   (XIV) PENSION FUNDS;
   (XV) OTHER ASSETS;

 S. 8277--B                          4
 
   (XVI) DEBTS AND LIABILITIES; AND
   (XVII) ASSETS NOT OWNED BY THE TAXPAYER BUT WHICH COUNT TOWARD THE ONE
 BILLION DOLLAR THRESHOLD PURSUANT TO SUBSECTION (D) OF THIS SECTION.
   (2)  THE  COMMISSIONER  SHALL  SPECIFICALLY REQUEST THE FILING OF SUCH
 FORMS BY ANY RESIDENT INDIVIDUAL EXPECTED TO HAVE NET ASSETS  IN  EXCESS
 OF ONE BILLION DOLLARS. SUCH TAXPAYERS SHALL INCLUDE, BUT NOT BE LIMITED
 TO,  (A)  TAXPAYERS  LISTED  AS BILLIONAIRES ON PUBLISHED LISTS, AND (B)
 TAXPAYERS WITH AN ADJUSTED GROSS INCOME SUMMED  OVER  THE  PREVIOUS  TEN
 YEARS IN EXCESS OF SIX HUNDRED MILLION DOLLARS.
   (G)  IN  THE EVENT THAT ANY RESIDENT INDIVIDUAL TAXPAYER BECOMES A NEW
 YORK RESIDENT SUBSEQUENT TO PAYING TAX TO ANOTHER STATE AS A  RESULT  OF
 RECOGNIZING GAIN OR LOSS PURSUANT TO ANY MARK-TO-MARKET OR DEEMED-REALI-
 ZATION  REGIME  OF  THAT OTHER STATE, PROPER ADJUSTMENT SHALL BE MADE IN
 THE AMOUNT OF ANY GAIN OR LOSS SUBSEQUENTLY REALIZED FOR  GAIN  OR  LOSS
 TAKEN  INTO  ACCOUNT  UNDER  SUCH  MARK-TO-MARKET  OR DEEMED-REALIZATION
 REGIME OF THAT OTHER STATE FOR PURPOSES OF COMPUTING GAIN OR LOSS  UNDER
 SUBSECTION  (A)  OR  (B)  OF  THIS  SECTION OR UNDER SECTION SIX HUNDRED
 TWELVE OF THIS ARTICLE.
   (H) IN THE EVENT THAT ANY PROVISION OF THIS SECTION  IS  FOUND  TO  BE
 INVALID,  UNCONSTITUTIONAL,  OR  OTHERWISE  UNENFORCEABLE,  THAT FINDING
 SHALL NOT AFFECT ANY OTHER  PROVISION  IN  THIS  SECTION  WHICH  CAN  BE
 ENFORCED WITHOUT THE USE OF THE OFFENDING PROVISION.
   (I)  THE MONEYS RECEIVED FROM ANY ADDITIONAL TAXES PAID AS A RESULT OF
 THIS SECTION, AFTER DEDUCTING THE AMOUNT THE COMMISSIONER  SHALL  DETER-
 MINE TO BE NECESSARY FOR REASONABLE COSTS OF THE STATE TAX COMMISSION IN
 ADMINISTERING, ENFORCING, COLLECTING AND DISTRIBUTING SUCH TAX, SHALL BE
 DISTRIBUTED  TO  THE WORKER BAILOUT FUND ESTABLISHED PURSUANT TO SECTION
 NINETY-FIVE-J OF THE STATE FINANCE LAW.
   (J) THE COMMISSIONER  SHALL  PROMULGATE  SUCH  RULES  AND  REGULATIONS
 NECESSARY  OR  APPROPRIATE  TO  CARRY  OUT THE PURPOSES OF THIS SECTION,
 INCLUDING RULES TO  PREVENT  THE  USE  OF  YEAR-END  TRANSFERS,  RELATED
 PARTIES, OR OTHER ARRANGEMENTS TO AVOID THE PROVISIONS OF THIS SECTION.
   §  3. The state finance law is amended by adding a new section 95-j to
 read as follows:
   § 95-J. WORKER BAILOUT FUND. 1. THERE IS  HEREBY  ESTABLISHED  IN  THE
 JOINT  CUSTODY OF THE COMMISSIONER OF TAXATION AND FINANCE AND THE STATE
 COMPTROLLER A FUND TO BE KNOWN AS THE "WORKER BAILOUT FUND".
   2. THE WORKER BAILOUT FUND SHALL CONSIST OF ALL MONEYS  COLLECTED  AND
 RECEIVED BY THE COMMISSIONER PURSUANT TO SECTION SIX HUNDRED TWELVE-A OF
 THE  TAX  LAW, INCLUDING ANY INTEREST AND PENALTIES ASSOCIATED WITH SUCH
 COLLECTION.
   3. ALL MONEYS COLLECTED AS CONTRIBUTIONS AND INTEREST RELATING TO WAGE
 REPLACEMENT TO WORKERS AND FAMILIES UNABLE TO ACCESS TRADITIONAL  WORKER
 WAGE  INSURANCE  OR  ASSISTANCE  PROGRAMS  SHALL BE DEPOSITED IN A BANK,
 TRUST COMPANY OR INDUSTRIAL BANK DESIGNATED BY  THE  STATE  COMPTROLLER.
 MONEYS  SO DEPOSITED SHALL BE CREDITED IMMEDIATELY TO THE ACCOUNT OF THE
 WORKER BAILOUT FUND AND SHALL BE USED FOR  THE  PURPOSES  SET  FORTH  IN
 SECTION  SIX HUNDRED FORTY-FOUR OF THIS ARTICLE. MONEYS IN SUCH FUND MAY
 BE INVESTED BY THE STATE COMPTROLLER IN ACCORDANCE WITH  THE  PROVISIONS
 OF  SECTION  NINETY-EIGHT  OF  THIS  ARTICLE,  AND SHALL BE USED FOR THE
 PURPOSES SPECIFIED HEREIN.
   4. MONEYS OF THE FUND SHALL BE USED EXCLUSIVELY  FOR  THE  PURPOSE  OF
 PROVIDING  EMERGENCY WAGE REPLACEMENT TO WORKERS THAT DO NOT QUALIFY FOR
 UNEMPLOYMENT INSURANCE OR OTHER WORKER WAGE ASSISTANCE PROGRAMS  AND  TO
 HOUSEHOLDS  WHO  HAVE  LOST A MAJOR SOURCE OF INCOME DUE TO THE DEATH OR
 DISABILITY OF A CLOSE HOUSEHOLD MEMBER WHO COULD NOT ACCESS UNEMPLOYMENT

 S. 8277--B                          5
 
 INSURANCE OR OTHER WORKER WAGE ASSISTANCE PROGRAMS.  THE MONEYS SHALL BE
 PAID OUT OF THE FUND ON THE AUDIT AND WARRANT OF THE  STATE  COMPTROLLER
 ON  VOUCHERS  CERTIFIED OR APPROVED BY SUCH COMMISSIONER THE DULY DESIG-
 NATED  OFFICER. ANY BALANCE IN SUCH FUND SHALL NOT LAPSE AT ANY TIME BUT
 SHALL REMAIN CONTINUOUSLY AVAILABLE FOR SUCH PURPOSES.
   5. MONEYS OF THE FUND SHALL NOT BE USED IN WHOLE OR IN  PART  FOR  ANY
 PURPOSE OR IN ANY MANNER WHICH (A) WOULD PERMIT ITS SUBSTITUTION FOR, OR
 A  CORRESPONDING  REDUCTION IN, FEDERAL FUNDS THAT WOULD BE AVAILABLE IN
 ITS ABSENCE TO FINANCE EXPENDITURES FOR THE ADMINISTRATION OF THIS ARTI-
 CLE; OR (B) WOULD CAUSE THE APPROPRIATE  AGENCY  OF  THE  UNITED  STATES
 GOVERNMENT  TO  WITHHOLD ANY PART OF AN ADMINISTRATIVE GRANT WHICH WOULD
 OTHERWISE BE MADE.
   § 4. The labor law is amended by adding a new section 591-b to read as
 follows:
   § 591-B. WORKER BAILOUT PROGRAM. 1. THE DEPARTMENT IS  HEREBY  AUTHOR-
 IZED  AND EMPOWERED TO ESTABLISH AND OPERATE A WORKER BAILOUT PROGRAM AS
 AUTHORIZED PURSUANT TO SECTION SIX HUNDRED FORTY-FOUR OF THIS ARTICLE.
   2. EACH WORKER BAILOUT PROGRAM APPLICANT SHALL PROVIDE, IN  SUCH  FORM
 AND  AT SUCH TIME AS THE COMMISSIONER MAY PRESCRIBE, AT LEAST TWO OF THE
 FOLLOWING:
   (A) PRIMARY PROOF OF IDENTITY INCLUDING, BUT NOT LIMITED TO,  A  DRIV-
 ER'S  LICENSE,  MOTOR  VEHICLE  ID  CARD  NUMBER, VALID FOREIGN DRIVER'S
 LICENSE THAT INCLUDES A PHOTO IMAGE OF THE APPLICANT AND WHICH IS  UNEX-
 PIRED OR EXPIRED FOR LESS THAN TWENTY-FOUR MONTHS OF ITS DATE OF EXPIRA-
 TION,  NEW  YORK  STATE  ID, IDNYC OR OTHER NEW YORK MUNICIPAL OR COUNTY
 IDENTIFICATION CARD, STUDENT ID CARD, VALID UNEXPIRED  FOREIGN  PASSPORT
 ISSUED  BY  THE  APPLICANT'S  COUNTRY OF CITIZENSHIP, OR VALID UNEXPIRED
 CONSULAR IDENTIFICATION DOCUMENT ISSUED BY A CONSULATE FROM  THE  APPLI-
 CANT'S  COUNTRY  OF  CITIZENSHIP.  NOTHING CONTAINED IN THIS SUBDIVISION
 SHALL BE DEEMED TO PRECLUDE THE COMMISSIONER FROM  APPROVING  ADDITIONAL
 PROOFS OF IDENTITY; OR
   (B) SOCIAL SECURITY NUMBER OR, IN LIEU THEREOF, AN INDIVIDUAL TAXPAYER
 IDENTIFICATION  NUMBER  OR  A  UNITED STATES CITIZENSHIP AND IMMIGRATION
 SERVICES NUMBER; OR
   (C) NAMES AND ADDRESSES OF ALL EMPLOYERS AND/OR HIRING PARTIES, IN AND
 OUT OF THE STATE, FOR THE LAST EIGHTEEN MONTHS TO THE EXTENT  THAT  SUCH
 INFORMATION IS AVAILABLE TO THE APPLICANT; OR
   (D) MAILING ADDRESS AND ZIP CODE.
   3.  APPLICATION  FORMS FOR SUCH PROGRAM SHALL NOT STATE: (A) THE DOCU-
 MENTS AN APPLICANT USED TO PROVE IDENTITY; OR (B) AN  APPLICANT'S  INEL-
 IGIBILITY  FOR  A  SOCIAL  SECURITY  NUMBER  WHERE APPLICABLE; OR (C) AN
 APPLICANT'S CITIZENSHIP OR IMMIGRATION STATUS.
   4. ANY PORTION OF  ANY  ORIGINAL  DOCUMENTS  OR  COPIES  OF  DOCUMENTS
 RETAINED  OR COLLECTED BY THE DEPARTMENT IN RELATION TO THE WORKER BAIL-
 OUT PROGRAM APPLICATION TO PROVE IDENTITY, AGE OR FITNESS OR ANY  RECORD
 THAT  CONTAINS THE PHOTO IMAGE OR IDENTIFIES THE SOCIAL SECURITY NUMBER,
 TELEPHONE NUMBER, PLACE OF BIRTH, COUNTRY OF ORIGIN,  PLACE  OF  EMPLOY-
 MENT,  SCHOOL  OR  EDUCATIONAL  INSTITUTION  ATTENDED, SOURCE OF INCOME,
 STATUS AS A RECIPIENT OF PUBLIC BENEFITS,  THE  CUSTOMER  IDENTIFICATION
 NUMBER  ASSOCIATED  WITH A PUBLIC UTILITIES ACCOUNT, MEDICAL INFORMATION
 OR DISABILITY INFORMATION OF THE  HOLDER  OF,  OR  APPLICANT  FOR,  SUCH
 PROGRAM  IS  NOT A PUBLIC RECORD AND SHALL NOT BE DISCLOSED OR OTHERWISE
 MADE ACCESSIBLE IN RESPONSE TO ANY REQUEST FOR RECORDS EXCEPT:
   (A) TO THE PERSON WHO IS THE SUBJECT OF SUCH RECORDS; OR
   (B) WHERE NECESSARY TO COMPLY WITH  A  LAWFUL  COURT  ORDER,  JUDICIAL
 WARRANT  SIGNED  BY  A  JUDGE  APPOINTED  PURSUANT TO ARTICLE III OF THE

 S. 8277--B                          6
 
 UNITED STATES CONSTITUTION, OR SUBPOENA FOR  INDIVIDUAL  RECORDS  ISSUED
 PURSUANT  TO  THE  CRIMINAL  PROCEDURE LAW OR THE CIVIL PRACTICE LAW AND
 RULES.
   5.  FOR  THE  PURPOSES OF THIS SECTION, WHENEVER A LAWFUL COURT ORDER,
 JUDICIAL WARRANT, OR SUBPOENA FOR  INDIVIDUAL  RECORDS  PROPERLY  ISSUED
 PURSUANT  TO  THE  CRIMINAL  PROCEDURE LAW OR THE CIVIL PRACTICE LAW AND
 RULES IS PRESENTED TO THE COMMISSIONER, ONLY THOSE  RECORDS,  DOCUMENTS,
 AND  INFORMATION  SPECIFICALLY  SOUGHT  BY SUCH COURT ORDER, WARRANT, OR
 SUBPOENA MAY BE DISCLOSED.
   6. NOTWITHSTANDING THE DISCLOSURE OF RECORDS PURSUANT TO  SUBDIVISIONS
 FOUR AND FIVE OF THIS SECTION, THE COMMISSIONER SHALL REQUIRE ANY PERSON
 OR ENTITY THAT RECEIVES OR HAS ACCESS TO RECORDS OR INFORMATION FROM THE
 DEPARTMENT  TO  CERTIFY  TO  THE  COMMISSIONER,  BEFORE  SUCH RECEIPT OR
 ACCESS, THAT SUCH PERSON OR ENTITY SHALL NOT:
   (A) USE SUCH RECORDS OR INFORMATION FOR PURPOSES OTHER  THAN  FOR  THE
 ADMINISTRATION OF THE WORKER BAILOUT PROGRAM OR WORKER BAILOUT FUND; OR
   (B) DISCLOSE SUCH RECORDS OR INFORMATION TO ANY OTHER AGENCY OR TO ANY
 EMPLOYEE  OR AGENT OF ANY SUCH AGENCY UNLESS SUCH DISCLOSURE IS PURSUANT
 TO A COOPERATIVE ARRANGEMENT BETWEEN CITY, STATE  AND  FEDERAL  AGENCIES
 AND  WHICH  ARRANGEMENT DISCLOSURE IS LIMITED TO THE SPECIFIC RECORDS OR
 INFORMATION BEING SOUGHT PURSUANT TO SUCH ARRANGEMENT  AND  USED  SOLELY
 FOR THE ADMINISTRATION OF THE WORKER BAILOUT PROGRAM OR THE WORKER BAIL-
 OUT FUND.
   §  5.  The labor law is amended by adding a new section 644 to read as
 follows:
   § 644. ELIGIBILITY FOR WORKER BAILOUT PROGRAM. 1. FOR THE  PURPOSE  OF
 SECTION  FIVE  HUNDRED  NINETY-ONE-B  OF  THIS ARTICLE, THE TERM "WORKER
 BAILOUT PROGRAM" MEANS A PROGRAM UNDER WHICH ASSISTANCE IS AVAILABLE  TO
 INDIVIDUALS WHO RESIDE IN THE STATE AND:
   (A) DO NOT MEET THE ELIGIBILITY REQUIREMENTS:
   (I)  FOR UNEMPLOYMENT INSURANCE BENEFITS AS DESCRIBED IN THIS ARTICLE,
 INCLUDING BENEFITS PAYABLE TO FEDERAL CIVILIAN EMPLOYEES AND TO  EX-SER-
 VICEMEN  AND  SERVICEWOMEN  PURSUANT  TO CHAPTER 85 OF THE UNITED STATES
 CODE, AND BENEFITS AUTHORIZED TO BE USED FOR THE SELF-EMPLOYMENT ASSIST-
 ANCE PROGRAM PURSUANT TO THE FEDERAL-STATE EXTENDED UNEMPLOYMENT COMPEN-
 SATION ACT OF 1970; OR
   (II) TO RECEIVE INSURANCE OR ASSISTANCE PAYMENTS  UNDER  ANY  PROGRAMS
 PROVIDED FOR UNDER SUBTITLE A OF TITLE II OF THE FEDERAL CARES ACT; AND
   (B) SUFFERED A LOSS:
   (I) OF WORK-RELATED EARNINGS; OR
   (II) OF ONE OR MORE MAJOR SOURCES OF HOUSEHOLD INCOME DUE TO THE DEATH
 OR  DISABILITY  OF  A  CLOSE HOUSEHOLD MEMBER ON WHOSE INCOME THE FAMILY
 DEPENDED, DURING A STATE OF  EMERGENCY  DECLARED  BY  THE  GOVERNOR  AND
 PROVIDED  FURTHER THAT NO OTHER INDIVIDUAL IN THE HOUSEHOLD IS RECEIVING
 AN ALLOWANCE UNDER THE WORKER BAILOUT PROGRAM FOR THE SAME MONTH FOR THE
 SAME REASON. SUCH AN ALLOWANCE SHALL ONLY  BE  ACCESSED:  (A)  DURING  A
 STATE  OF  EMERGENCY  AS DECLARED BY THE GOVERNOR AND UP TO EIGHT MONTHS
 AFTER THE STATE OF EMERGENCY HAS BEEN DECLARED; (B)  DURING  A  TIME  IN
 WHICH  THE  GOVERNMENT  OF  THE  UNITED STATES HAS AUTHORIZED RENEWAL OR
 EXTENSION BEYOND  THE  DATE  OF  THE  PANDEMIC  UNEMPLOYMENT  ASSISTANCE
 OUTLINE  IN  TITLE  II  OF  THE CARES ACT; (C) UP TO THE LAST DAY OF THE
 CALENDAR QUARTER OF THE EMERGENCY PERIOD DEFINED IN PARAGRAPH (1)(B)  OF
 SECTION   1135(G)   OF  THE  FEDERAL  SOCIAL  SECURITY  ACT  (42  U.S.C.
 1320B-5(G)) AND ENDING ON THE LAST DAY OF THE CALENDAR QUARTER IN  WHICH
 THE  LAST  DAY OF SUCH AN EMERGENCY PERIOD OCCURS; OR (D) UP TO THE LAST
 DAY OF ANY CALENDAR QUARTER  DURING  WHICH  THE  U.S.  BUREAU  OF  LABOR

 S. 8277--B                          7

 STATISTICS  REPORTS  A  SEASONALLY  ADJUSTED  UNEMPLOYMENT  RATE  OF SIX
 PERCENT OR MORE IN THE STATE; OR
   (C)  WERE RELEASED FROM POST-ARRAIGNMENT INCARCERATION OR DETENTION OR
 FROM IMMIGRATION DETENTION ON OR AFTER OCTOBER FIRST, TWO THOUSAND NINE-
 TEEN.
   2. NO INDIVIDUAL SHALL BE ELIGIBLE TO  RECEIVE  ASSISTANCE  UNDER  THE
 WORKER  BAILOUT  PROGRAM IN ANY MONTH IF THE GROSS WORK RELATED EARNINGS
 THEY RECEIVED IN THE PREVIOUS CALENDAR MONTH EXCEEDS  TWO  THOUSAND  ONE
 HUNDRED EIGHTY-TWO DOLLARS.
   3. PROOF OF ELIGIBILITY MAY BE ESTABLISHED BY DOCUMENTATION OR, IN THE
 ABSENCE OF DOCUMENTATION, BY SELF-ATTESTATION.
   (A)  THE  ALLOWANCE  PAYABLE  TO  INDIVIDUALS  SHALL BE PAYABLE IN THE
 AMOUNT OF THIRTY-THREE HUNDRED DOLLARS PER MONTH, PAYABLE  MONTHLY  FROM
 APRIL  TWO  THOUSAND  TWENTY THROUGH DECEMBER THIRTY-FIRST, TWO THOUSAND
 TWENTY. PAYMENTS SHALL BE RETROACTIVE TO THE LATTER OF THE FIRST DATE OF
 EARNINGS LOSS DURING THE STATE OF EMERGENCY OR APRIL FIRST, TWO THOUSAND
 TWENTY. THE TOTAL AMOUNT PAID FOR ANY BENEFIT YEAR SHALL NOT EXCEED  THE
 MAXIMUM  AMOUNT  OF  BENEFITS PAYABLE UNDER THIS ARTICLE AND TITLE II OF
 THE CARES ACT.
   (B) PAYMENTS SHALL CONTINUE UNTIL THE LATER OF: (I)  DECEMBER  THIRTY-
 FIRST,  TWO  THOUSAND  TWENTY; (II) THE LAST DAY OF THE CALENDAR QUARTER
 DURING WHICH THE GOVERNMENT OF THE UNITED STATES HAS AUTHORIZED  RENEWAL
 OR  EXTENSION BEYOND THE DATE OF PANDEMIC UNEMPLOYMENT ASSISTANCE; (III)
 THE LAST DAY OF THE CALENDAR QUARTER OF THE EMERGENCY PERIOD DEFINED  IN
 PARAGRAPH  (1)(B)  OF SECTION 1135(G) OF THE FEDERAL SOCIAL SECURITY ACT
 (42 U.S.C. 1320B-5(G)) AND ENDING ON THE LAST DAY OF THE CALENDAR  QUAR-
 TER  IN  WHICH  THE LAST DAY OF SUCH AN EMERGENCY PERIOD OCCURS; OR (IV)
 THE LAST DAY OF ANY CALENDAR QUARTER DURING WHICH  THE  U.S.  BUREAU  OF
 LABOR  STATISTICS REPORTS A SEASONALLY ADJUSTED UNEMPLOYMENT RATE OF SIX
 PERCENT OR MORE IN THE STATE.
   4. NO INDIVIDUAL SHALL BE REQUIRED TO APPLY FOR ASSISTANCE  UNDER  THE
 WORKER  BAILOUT  PROGRAM  AS A CONDITION OF ELIGIBILITY FOR ANY STATE OR
 LOCAL PROGRAM.
   § 6. This act shall take effect immediately.

The New York State Senate

senate Bill S8277B

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senate Bill S8277B

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Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

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