senate Bill S8277

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

Your Voice

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

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 01, 2020 referred to budget and revenue

Co-Sponsors

view additional co-sponsors

S8277 (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

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

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.