Senate Bill S2162

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 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

2023-S2162 (ACTIVE) - Details

See Assembly Version of this Bill:
A2576
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Add §601-b, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S2522, A3352

2023-S2162 (ACTIVE) - Summary

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

2023-S2162 (ACTIVE) - Sponsor Memo

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
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.