|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 05, 2021||referred to budget and revenue|
senate Bill S4482
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4482 (ACTIVE) - Details
S4482 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4482 SPONSOR: RAMOS TITLE OF BILL: An act to establish the "billionaire mark to market tax act"; and to amend the tax law, in relation to establishing a mark to market tax SUMMARY OF PROVISIONS: Section 1. Establishes the act to be cited as the "billionaire mark to market tax act". Section 2. Amends the tax law by adding a new section 612-a, which treats residential billionaires capital gains on their net assets as annual income, furthermore, taxing billionaires yearly unrealized capi- tal gains. Year one taxes all built in gains on assets owned by billio- naires before 2020 with an option to pay in ten installments. Year two onward, taxes the yearly gains of assets unrealized. Section 3. This act shall take effect immediately.
S4482 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4482 2021-2022 Regular Sessions I N S E N A T E February 5, 2021 ___________ Introduced by Sen. RAMOS -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to establish the "billionaire mark to market tax act"; and to amend the tax law, in relation to establishing a mark to market tax THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "billio- naire mark to market tax act". § 2. The tax law is amended by adding a new section 612-a to read as follows: § 612-A. BILLIONAIRE MARK TO MARKET TAXATION. (A)(1) NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, RESIDENT INDIVIDUAL TAXPAY- ERS WITH NET ASSETS WORTH ONE BILLION DOLLARS OR MORE ON THE DATE OF DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY, SHALL RECOGNIZE GAIN OR LOSS AS IF EACH ASSET OWNED BY THE INDIVIDUAL TAXPAYER WERE SOLD FOR ITS FAIR MARKET VALUE ON THAT DATE. ANY RESULTING NET GAINS FROM THESE DEEMED SALES, UP TO THE PHASE-IN CAP AMOUNT, SHALL BE INCLUDED IN THE TAXPAY- ER'S INCOME FOR THE TWO THOUSAND TWENTY-ONE TAX YEAR. PROPER ADJUSTMENT SHALL BE MADE IN THE AMOUNT OF ANY GAIN OR LOSS SUBSEQUENTLY REALIZED FOR GAIN OR LOSS TAKEN INTO ACCOUNT UNDER THE PRECEDING SENTENCE. AT THE TAXPAYER'S OPTION, ANY ADDITIONAL TAX PAYABLE AS A RESULT OF THIS SUBSECTION SHALL EITHER BE PAYABLE ALONG WITH ANY OTHER TAX OWED FOR THE TWO THOUSAND TWENTY-ONE TAX YEAR OR ELSE SHALL BE PAYABLE ANNUALLY IN TEN EQUAL INSTALLMENTS BEGINNING IN THE YEAR OF THE EFFECTIVE DATE OF THIS SECTION AND WITH ALL SUCH INSTALLMENT PAYMENTS COMMENCING AFTER THE INITIAL INSTALLMENT PAYMENT ALSO BEING SUBJECT TO AN ANNUAL NONDEDUCT- IBLE DEFERRAL CHARGE. THE ANNUAL NONDEDUCTIBLE DEFERRAL CHARGE SHALL BE SET BY THE STATE COMPTROLLER AT A RATE THAT THE COMPTROLLER ESTIMATES IS EQUAL TO THE UNSECURED BORROWING RATE OF THE TAXPAYER FOR A LOAN REPAID OVER A TEN-YEAR TERM IN EQUAL ANNUAL INSTALLMENTS. THE COMPTROLLER MAY ESTIMATE A SINGLE RATE FOR ALL TAXPAYERS SUBJECT TO THE DEFERRAL CHARGE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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