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 |
Senate Bill S6800A
2021-2022 Legislative Session
Sponsored By
(D, WF) 12th Senate District
Archive: Last Bill Status - In Assembly 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
Votes
Bill Amendments
co-Sponsors
(D, WF) 28th Senate District
2021-S6800 - Details
2021-S6800 - Sponsor Memo
BILL NUMBER: S6800 SPONSOR: GIANARIS TITLE OF BILL: 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 PURPOSE: To fully decouple NYS and NYC from the federal Opportunity Zone tax code. SUMMARY OF PROVISIONS: Section one amends paragraph (b) of subdivision 9 of section 208 of the tax law to add a new paragraph 28 to include that "entire net income" shall be determined without the exclusion, deduction or credit of 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.
2021-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
(D, WF) 28th Senate District
2021-S6800A (ACTIVE) - Details
2021-S6800A (ACTIVE) - Sponsor Memo
BILL NUMBER: S6800A SPONSOR: GIANARIS TITLE OF BILL: 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 PURPOSE: To fully decouple NYS and NYC from the federal Opportunity Zone tax code. SUMMARY OF PROVISIONS: Section one amends paragraph (b) of subdivision 9 of section 208 of the tax law to add a new paragraph 28 to include that "entire net income" shall be determined without the exclusion, deduction or credit of the amount of gain excluded from federal gross income for the taxable year by subparagraph (c) of paragraph (1) of subsection (a) of section 14002-2 of the internal revenue code.
2021-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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