senate Bill S4482

2021-2022 Legislative Session

Establishes a billionaire mark to market tax

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 05, 2021 referred to budget and revenue

Co-Sponsors

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S4482 (ACTIVE) - Details

See Assembly Version of this Bill:
A5092
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Add §612-a, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A10414

S4482 (ACTIVE) - Summary

Establishes a billionaire mark to market tax taxing residents with one billion dollars or more in net assets.

S4482 (ACTIVE) - Sponsor Memo

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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