assembly Bill A8081A

2021-2022 Legislative Session

Relates to treatment of gains from qualified opportunity zones in calculating taxable income

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 10, 2022 print number 8081a
May 10, 2022 amend and recommit to ways and means
Jan 05, 2022 referred to ways and means
Jun 11, 2021 referred to ways and means

A8081 - Details

See Senate Version of this Bill:
S6800
Law Section:
Tax Law
Laws Affected:
Amd §§208, 612 & 1503, Tax L; amd §§11-602, 11-652 & 11-1712, NYC Ad Cd

A8081 - Summary

Relates to treatment of gains from qualified opportunity zones in calculating taxable income; removes exclusion of gains on property in qualified opportunity zones in calculation of income.

A8081 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8081
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 11, 2021
                                ___________
 
 Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN  ACT  to amend the tax law and the administrative code of the city of
   New York, in relation to treatment of gains from qualified opportunity
   zones in calculating taxable income

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.   Paragraph (b) of subdivision 9 of section 208 of the tax
 law is amended by adding a new subparagraph 28 to read as follows:
   (28) THE AMOUNT OF GAIN EXCLUDED FROM FEDERAL  GROSS  INCOME  FOR  THE
 TAXABLE  YEAR  BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF
 SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
   § 2. Subdivision 9 of section 208 of the tax law is amended by  adding
 a new paragraph (u) to read as follows:
   (U)  FOR  TAX  YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
 TWENTY-ONE, UPON THE SALE OR EXCHANGE OF PROPERTY WITH RESPECT TO  WHICH
 THE  TAXPAYER  HAS MADE THE ELECTION UNDER SUBPARAGRAPH (C) OF PARAGRAPH
 (1) OF SUBSECTION (A) OF SECTION 1400Z-2 OF THE INTERNAL  REVENUE  CODE,
 THE  BASIS OF SUCH PROPERTY UNDER THIS ARTICLE SHALL BE DETERMINED AS IF
 THE TAXPAYER HAD NOT MADE SUCH ELECTION.
   § 3. Subsection (b) of section 612 of the tax law is amended by adding
 a new paragraph 44 to read as follows:
   (44) THE AMOUNT OF GAIN EXCLUDED FROM FEDERAL  GROSS  INCOME  FOR  THE
 TAXABLE  YEAR  BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF
 SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
   § 4. Section 612 of the tax law is amended by adding a new  subsection
 (y) to read as follows:
   (Y)  QUALIFIED OPPORTUNITY ZONES.  FOR TAX YEARS BEGINNING ON OR AFTER
 JANUARY FIRST, TWO THOUSAND TWENTY-ONE, UPON THE  SALE  OR  EXCHANGE  OF
 PROPERTY  WITH RESPECT TO WHICH THE TAXPAYER HAS MADE THE ELECTION UNDER
 SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF  SECTION  1400Z-2
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

Co-Sponsors

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Multi-Sponsors

A8081A (ACTIVE) - Details

See Senate Version of this Bill:
S6800
Law Section:
Tax Law
Laws Affected:
Amd §§208, 612 & 1503, Tax L; amd §§11-602, 11-652 & 11-1712, NYC Ad Cd

A8081A (ACTIVE) - Summary

Relates to treatment of gains from qualified opportunity zones in calculating taxable income; removes exclusion of gains on property in qualified opportunity zones in calculation of income.

A8081A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8081--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 11, 2021
                                ___________
 
 Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
   tee  on  Ways  and  Means  -- recommitted to the Committee on Ways and
   Means in  accordance  with  Assembly  Rule  3,  sec.  2  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee

 AN  ACT  to amend the tax law and the administrative code of the city of
   New York, in relation to treatment of gains from qualified opportunity
   zones in calculating taxable income
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.   Paragraph (b) of subdivision 9 of section 208 of the tax
 law is amended by adding a new subparagraph 28 to read as follows:
   (28) THE AMOUNT OF GAIN EXCLUDED FROM FEDERAL  GROSS  INCOME  FOR  THE
 TAXABLE  YEAR  BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF
 SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
   § 2. Subdivision 9 of section 208 of the tax law is amended by  adding
 a new paragraph (u) to read as follows:
   (U)  FOR  TAX  YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
 TWENTY-TWO, UPON THE SALE OR EXCHANGE OF PROPERTY WITH RESPECT TO  WHICH
 THE  TAXPAYER  HAS MADE THE ELECTION UNDER SUBPARAGRAPH (C) OF PARAGRAPH
 (1) OF SUBSECTION (A) OF SECTION 1400Z-2 OF THE INTERNAL  REVENUE  CODE,
 THE  BASIS OF SUCH PROPERTY UNDER THIS ARTICLE SHALL BE DETERMINED AS IF
 THE TAXPAYER HAD NOT MADE SUCH ELECTION.
   § 3. Subsection (b) of section 612 of the tax law is amended by adding
 a new paragraph 44 to read as follows:
   (44) THE AMOUNT OF GAIN EXCLUDED FROM FEDERAL  GROSS  INCOME  FOR  THE
 TAXABLE  YEAR  BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF
 SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
   § 4. Section 612 of the tax law is amended by adding a new  subsection
 (y) to read as follows:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11490-04-2
 A. 8081--A                          2