Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 05, 2022 |
referred to investigations and government operations |
Jan 20, 2021 |
referred to investigations and government operations |
Senate Bill S2139
2021-2022 Legislative Session
Sponsored By
(D, WF) 13th Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2021-S2139 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Add §45, Tax L; add Art 7 §171, Exec L
- Versions Introduced in 2019-2020 Legislative Session:
-
S8977
2021-S2139 (ACTIVE) - Summary
Establishes the opportunity zone reporting and reform act requiring qualified opportunity funds to file annual returns including information on the investors in the fund, the size of the fund and the use of the funds; establishes penalties for failure to file such returns; requires the comptroller to provide an annual report on the effectiveness of opportunity zones and compliance with the reporting requirements.
2021-S2139 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2139 SPONSOR: RAMOS TITLE OF BILL: An act to amend the tax law, in relation to establishing the opportunity zone reporting and reform act; and to amend the executive law, in relation to requiring the comptroller to prepare a report on the effec- tiveness of opportunity zones PURPOSE OR GENERAL IDEA OF BILL: Ensures opportunity zone funds and investors and the comptroller report on opportunity zone investments and their impact on the community. SUMMARY OF PROVISIONS: Section 1: Amends the tax law by adding Section 45, which requires qual- ified opportunity funds to report on the impact of their investments in different qualified opportunity zones.
2021-S2139 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2139 2021-2022 Regular Sessions I N S E N A T E January 20, 2021 ___________ Introduced by Sen. RAMOS -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to establishing the opportunity zone reporting and reform act; and to amend the executive law, in relation to requiring the comptroller to prepare a report on the effectiveness of opportunity zones THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding a new section 45 to read as follows: § 45. SHORT TITLE. (A) THIS SECTION MAY BE KNOWN AND SHALL BE CITED AS THE "OPPORTUNITY ZONE REPORTING AND REFORM ACT". (B) REPORTING REQUIREMENTS ON QUALIFIED OPPORTUNITY FUNDS. (1) EVERY QUALIFIED OPPORTUNITY FUND SHALL FILE AN ANNUAL RETURN WITH THE COMMIS- SIONER (AT SUCH TIME AND IN SUCH MANNER AS THE COMMISSIONER MAY PRESCRIBE) CONTAINING THE INFORMATION DESCRIBED IN PARAGRAPH TWO OF THIS SUBDIVISION. (2) THE INFORMATION REQUIRED TO BE INCLUDED IN ANNUAL RETURNS REQUIRED PURSUANT TO PARAGRAPH ONE OF THIS SUBDIVISION IS: (A) THE NAME, ADDRESS, AND TAXPAYER IDENTIFICATION NUMBER OF THE QUAL- IFIED OPPORTUNITY FUND AND THE UNIFORM RESOURCE LOCATOR FOR THE WEBSITE FOR SUCH FUND; (B) THE VALUE OF ALL PROPERTY HELD BY THE FUND AS OF EACH DATE DESCRIBED IN SECTION 1400Z-2(D)(1) OF THE INTERNAL REVENUE CODE; (C) THE VALUE OF: (I) QUALIFIED OPPORTUNITY ZONE STOCK HELD BY THE FUND ON EACH SUCH DATE; (II) QUALIFIED OPPORTUNITY ZONE PARTNERSHIP INTERESTS HELD BY THE FUND ON EACH SUCH DATE; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06615-01-1
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