Assembly Actions -
Senate Actions - UPPERCASE
|Jan 19, 2023||
referred to budget and revenue
Senate Bill S2162
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-S2162 (ACTIVE) - Details
2023-S2162 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2162 SPONSOR: RIVERA TITLE OF BILL: An act to amend the tax law, in relation to imposing an additional tax on income attributable to long-term capital gain PURPOSE: The purpose of this legislation is to amend the New York tax law to introduce an additional tax on investment income (capital gains), for the purposes of correcting the unfair federal tax benefit for income earned from investing rather than working. SUMMARY OF PROVISIONS: Section 1 amends the tax law to add a new section 601-b to impose an additional tax on low-taxed investment income. This section also provides that low-taxed investment income shall refer to the amount of a person's New York State taxable income attributable to long-term capital gains, dividends, or other income taxed under the preferential rates of
2023-S2162 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2162 2023-2024 Regular Sessions I N S E N A T E January 19, 2023 ___________ Introduced by Sens. RIVERA, BRESLIN, BRISPORT, BROUK, CLEARE, COMRIE, COONEY, GIANARIS, GOUNARDES, HOYLMAN-SIGAL, JACKSON, LIU, MAY, MYRIE, PARKER, RAMOS, 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 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02435-02-3
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