Senate Bill S1570

2023-2024 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 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-S1570 (ACTIVE) - Details

See Assembly Version of this Bill:
A3252
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Add §612-a, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A10414
2021-2022: S4482, A5092

2023-S1570 (ACTIVE) - Summary

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

2023-S1570 (ACTIVE) - Sponsor Memo

2023-S1570 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1570
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2023
                                ___________
 
 Introduced  by  Sens.  RAMOS,  BRESLIN, BRISPORT, BROUK, COMRIE, COONEY,
   GIANARIS, HOYLMAN-SIGAL, JACKSON, KAVANAGH, LIU, MAY,  MYRIE,  PARKER,
   RIVERA, SALAZAR, SANDERS, SEPULVEDA, SERRANO -- 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-TWO, 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
 TAXPAYER'S INCOME FOR THE TWO THOUSAND  TWENTY-THREE  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-THREE 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  NONDEDUCTIBLE  DEFERRAL  CHARGE.    THE ANNUAL NONDEDUCTIBLE
 DEFERRAL CHARGE SHALL BE SET BY THE STATE COMPTROLLER AT A RATE THAT THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05077-01-3
              

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Bronxmorales
1 month ago

Thank you for supporting this measure. It will help us to deal with the cuts we are facing to essential services.

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