Assembly Actions -
Senate Actions - UPPERCASE
|Jan 03, 2024
referred to budget and revenue
|Jan 12, 2023
referred to budget and revenue
Senate Bill S1570
2023-2024 Legislative Session
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2023-S1570 (ACTIVE) - Details
2023-S1570 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1570 SPONSOR: RAMOS TITLE OF BILL: 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 SUMMARY OF PROVISIONS: Section 1. Establishes the act to be cited as the "billionaire mark to market tax act". Section 2. Amends the tax law by adding a new section 612-a, which treats residential billionaires capital gains on their net assets as annual income, furthermore, taxing billionaires yearly unrealized capi- tal gains. Year one taxes all built in gains on assets owned by billio- naires before 2020 with an option to pay in ten installments. Year two onward, taxes the yearly gains of assets unrealized. Section 3. This act shall take effect immediately.
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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