Assembly Bill A2576

2023-2024 Legislative Session

Imposes an additional tax on income attributable to long-term capital gain

download bill text pdf

Sponsored By

Current 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

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2023-A2576 (ACTIVE) - Details

See Senate Version of this Bill:
S2162
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §601-b, Tax L
Versions Introduced in 2021-2022 Legislative Session:
A3352, S2522

2023-A2576 (ACTIVE) - Summary

Imposes an additional tax on income attributable to long-term capital gain.

2023-A2576 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2576
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2023
                                ___________
 
 Introduced by M. of A. KIM -- read once and referred to the Committee on
   Ways and Means
 
 AN  ACT  to amend the tax law, in relation to imposing an additional tax
   on income attributable to long-term capital gain
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  The  tax  law is amended by adding a new section 601-b to
 read as follows:
   § 601-B. ADDITIONAL TAX ON LOW-TAXED INVESTMENT INCOME. (A)  THERE  IS
 HEREBY IMPOSED, IN ADDITION TO THE TAX IMPOSED UNDER SECTION SIX HUNDRED
 ONE OF THIS ARTICLE, AN ADDITIONAL TAX ON LOW-TAXED INVESTMENT INCOME.
   (B)  AS  USED  IN THIS SECTION, LOW-TAXED INVESTMENT INCOME SHALL MEAN
 THE AMOUNT OF AN INDIVIDUAL'S NEW YORK TAXABLE  INCOME  ATTRIBUTABLE  TO
 LONG-TERM  CAPITAL  GAIN,  DIVIDENDS,  OR ANY OTHER TYPE OF INCOME TAXED
 UNDER THE RATES OF SECTION 1(H) OF THE INTERNAL  REVENUE  CODE,  OR  ANY
 SUCCESSOR PROVISION THERETO.
   (C) THE ADDITIONAL TAX IMPOSED UNDER THIS SECTION SHALL BE EQUAL TO:
   (1)  IN  THE  CASE OF A RESIDENT MARRIED INDIVIDUAL WHO MAKES A SINGLE
 RETURN JOINTLY WITH THE INDIVIDUAL'S  SPOUSE  UNDER  SUBSECTION  (B)  OF
 SECTION  SIX HUNDRED FIFTY-ONE OF THIS ARTICLE, AND IN THE CASE OF EVERY
 RESIDENT SURVIVING SPOUSE:
   (A) IF NEW YORK TAXABLE INCOME IS OVER FIVE HUNDRED THOUSAND  DOLLARS,
 SEVEN  AND  ONE-HALF  PERCENT  OF NEW YORK TAXABLE INCOME FROM LONG-TERM
 CAPITAL GAIN, WHICH TAX SHALL BE PHASED IN PROPORTIONALLY OVER THE FIRST
 FIFTY THOUSAND DOLLARS OF NEW YORK TAXABLE  INCOME  IN  EXCESS  OF  FIVE
 HUNDRED THOUSAND DOLLARS; AND
   (B)  IF  NEW  YORK TAXABLE INCOME IS OVER ONE MILLION DOLLARS, FIFTEEN
 PERCENT OF NEW YORK TAXABLE INCOME FROM LONG-TERM  CAPITAL  GAIN,  WHICH
 TAX  SHALL  BE PHASED IN PROPORTIONALLY, BEGINNING WITH A PHASE-IN FRAC-
 TION OF FIFTY PERCENT, OVER THE FIRST ONE HUNDRED  THOUSAND  DOLLARS  OF
 NEW YORK TAXABLE INCOME IN EXCESS OF ONE MILLION DOLLARS; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02435-02-3
              

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