senate Bill S8277B

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

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (5)
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

view additional co-sponsors

S8277 - Details

See Assembly Version of this Bill:
A10414
Law Section:
Tax Law
Laws Affected:
Add §612-a, Tax L; add §95-j, St Fin L; add §§591-b & 644, Lab L

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

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

Co-Sponsors

view additional co-sponsors

S8277A - Details

See Assembly Version of this Bill:
A10414
Law Section:
Tax Law
Laws Affected:
Add §612-a, Tax L; add §95-j, St Fin L; add §§591-b & 644, Lab L

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

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

Co-Sponsors

view additional co-sponsors

S8277B (ACTIVE) - Details

See Assembly Version of this Bill:
A10414
Law Section:
Tax Law
Laws Affected:
Add §612-a, Tax L; add §95-j, St Fin L; add §§591-b & 644, Lab L

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

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

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