Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Feb 02, 2021 | enacting clause stricken |
Jan 22, 2021 | referred to ways and means |
Archive: Last Bill Status - Stricken
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
Co-Sponsors
Richard Gottfried
Daniel O'Donnell
William Colton
Deborah Glick
A3152 (ACTIVE) - Details
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
- Versions Introduced in 2019-2020 Legislative Session:
-
A10120
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.