Senate Bill S8277B

                            
 
                     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.

                            
 
                     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.