Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022||
referred to budget and revenue
|Jan 06, 2021||
referred to budget and revenue
Senate Bill S999
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S999 (ACTIVE) - Details
2021-S999 (ACTIVE) - Sponsor Memo
BILL NUMBER: S999 SPONSOR: HOYLMAN TITLE OF BILL: An act to amend the tax law, in relation to investment management services to a partnership or other entity PURPOSE: This bill aims to close the Carried Interest Tax Loophole on the State level by taxing the Carried Interest Income of hedgefund and private equity investors as traditional ordinary earned income. SUMMARY OF PROVISIONS: Section 1: of the bill amends the tax law by adding (a) (i) The term "investment income" means income, including capital gains in excess of capital losses, from investment capital, to the extent included in computing entire net income, less, any of capital gain included in federal taxable income that has to be recharacterized as business income
2021-S999 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 999 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sens. HOYLMAN, BIAGGI, JACKSON, RIVERA, SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to investment management services to a partnership or other entity THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 6 of section 208 of the tax law, as amended by section 5 of part T of chapter 59 of the laws of 2015, is amended to read as follows: (a) (i) The term "investment income" means income, including capital gains in excess of capital losses, from investment capital, to the extent included in computing entire net income, less, (A) in the discretion of the commissioner, any interest deductions allowable in computing entire net income which are directly or indirectly attribut- able to investment capital or investment income, (B) ANY OF CAPITAL GAIN INCLUDED IN FEDERAL TAXABLE INCOME THAT HAS TO BE RE-CHARACTERIZED AS BUSINESS INCOME PURSUANT TO PARAGRAPH (U) OF SUBDIVISION NINE OF THIS SECTION; provided, however, that in no case shall investment income exceed entire net income. (ii) If the amount of interest deductions subtracted under subparagraph (i) of this paragraph exceeds investment income, the excess of such amount over investment income must be added back to entire net income. (iii) If the taxpayer's investment income determined without regard to the interest deductions subtracted under subparagraph (i) of this paragraph comprises more than eight percent of the taxpayer's entire net income, investment income determined without regard to such interest deductions cannot exceed eight percent of the taxpayer's entire net income. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00422-01-1
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