assembly Bill A3152

2021-2022 Legislative Session

Relates to the taxation of investment income

download bill text pdf

Sponsored By

Current Bill Status - Stricken


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 02, 2021 enacting clause stricken
Jan 22, 2021 referred to ways and means

Co-Sponsors

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A3152 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A10120

A3152 (ACTIVE) - Summary

Imposes a surcharge on taxpayers in an amount equal to the disparity between federal taxation rates that apply to income derived from labor and income derived from capital gains.

A3152 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3152
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced by M. of A. KIM, GOTTFRIED, O'DONNELL, COLTON, GLICK, WALKER,
   REYES,  BARRON,  EPSTEIN -- read once and referred to the Committee on
   Ways and Means
 
 AN ACT to amend the tax law, in relation to the taxation  of  investment
   income
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative intent. The legislature finds that the state of
 New York taxes income derived from capital gains at  the  same  rate  as
 income  derived  from  labor and, like most other states, does not offer
 preferential tax  rates  for  income  derived  from  capital  gains,  as
 compared  to  the  tax  rates for income derived from labor. Whereas the
 federal government currently taxes long term capital  gains  at  a  rate
 that  is  substantially  lower than the rate of taxation that applies to
 income from labor. The people of the state of New York wish  to  correct
 for the imbalance of taxation rates on long term capital gains and labor
 at  the  federal level unless and until the federal government equalizes
 these rates. It is the intent of the legislature that  this  act  amends
 New  York's  tax  law  to provide needed revenue through the taxation of
 investment income from wealthy individuals.
   § 2. Subsection (c) of section 612 of the tax law is amended by adding
 a new paragraph 43 to read as follows:
   (43) (A) FOR TAXABLE YEARS COMMENCING ON OR AFTER JANUARY  FIRST,  TWO
 THOUSAND  TWENTY-ONE,  THE  DEPARTMENT SHALL CONDUCT AN ANNUAL REVIEW TO
 DETERMINE THE DISPARITY BETWEEN FEDERAL INCOME  TAX  RATES  ON  ORDINARY
 INCOME  AND  FEDERAL  INCOME  TAX RATES ON CAPITAL GAINS, AS WELL AS THE
 TYPES OF INCOME TAXED AT CAPITAL GAINS  RATES,  AND  SHALL  PUBLISH  ITS
 FINDINGS.  FOR  TAXABLE  YEARS COMMENCING ON OR AFTER JANUARY FIRST, TWO
 THOUSAND TWENTY-TWO, THERE IS IMPOSED A SURCHARGE  ON  THE  SHARE  OF  A
 TAXPAYER'S NEW YORK TAXABLE INCOME THAT IS TAXED AT PREFERENTIAL FEDERAL
 CAPITAL  GAINS  RATES  IN  AN AMOUNT EQUAL TO THE DIFFERENCE BETWEEN THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.