senate Bill S6800A

2021-2022 Legislative Session

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

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Sponsored By

Current Bill Status - Passed Senate


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

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Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 24, 2022 referred to ways and means
delivered to assembly
passed senate
May 16, 2022 ordered to third reading cal.1362
committee discharged and committed to rules
May 09, 2022 print number 6800a
May 09, 2022 amend and recommit to budget and revenue
Jan 05, 2022 referred to budget and revenue
May 17, 2021 referred to budget and revenue

Co-Sponsors

S6800 - Details

See Assembly Version of this Bill:
A8081
Law Section:
Tax Law
Laws Affected:
Amd §§208, 612 & 1503, Tax L; amd §§11-602, 11-652 & 11-1712, NYC Ad Cd

S6800 - 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.

S6800 - Sponsor Memo

S6800 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6800
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 17, 2021
                                ___________
 
 Introduced  by Sen. GIANARIS -- 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 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

S6800A (ACTIVE) - Details

See Assembly Version of this Bill:
A8081
Law Section:
Tax Law
Laws Affected:
Amd §§208, 612 & 1503, Tax L; amd §§11-602, 11-652 & 11-1712, NYC Ad Cd

S6800A (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.

S6800A (ACTIVE) - Sponsor Memo

S6800A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6800--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 17, 2021
                                ___________
 
 Introduced by Sens. GIANARIS, KRUEGER -- read twice and ordered printed,
   and when printed to be committed to the Committee on Budget and Reven-
   ue -- recommitted to the Committee on Budget and Revenue in accordance
   with  Senate  Rule  6,  sec.  8 -- 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.
                                                            LBD11490-03-2
 S. 6800--A                          2

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