Senate Bill S2327

2023-2024 Legislative Session

Relates to creating a tax deduction for certain capital gains

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-S2327 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: S6522
2021-2022: S3810

2023-S2327 (ACTIVE) - Summary

Creates a tax deduction for certain capital gains.

2023-S2327 (ACTIVE) - Sponsor Memo

2023-S2327 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2327
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 19, 2023
                                ___________
 
 Introduced  by  Sen.  BAILEY -- 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 creating a tax deduction for
   certain capital gains
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subsection (c) of section 612 of the tax law is amended by
 adding a new paragraph 47 to read as follows:
   (47) ONE HUNDRED PERCENT OF THE CAPITAL GAINS FROM THE SALE  OF  STOCK
 OR  MEMBER  INTEREST  FROM  A  NEW YORK CORPORATION OR LIMITED LIABILITY
 COMPANY TO AN EMPLOYEE-OWNED ENTERPRISE, AS DEFINED IN SUBDIVISION  FIVE
 OF  SECTION EIGHTEEN HUNDRED THIRTY-SIX-B OF THE PUBLIC AUTHORITIES LAW.
 IN ORDER TO QUALIFY FOR SUCH MODIFICATION AS  DESCRIBED  IN  THIS  PARA-
 GRAPH,  SUCH EMPLOYEE-OWNED ENTERPRISE MUST HAVE ITS COMMERCIAL DOMICILE
 IN NEW YORK. IF THE EMPLOYEE-OWNED  ENTERPRISE  IS  AN  "EMPLOYEE  STOCK
 OWNERSHIP  PLAN,"  IT MUST COMPLY WITH FEDERAL REQUIREMENTS AS SUCH PLAN
 IS DEFINED IN 26 U.S.C. § 4975(E)(7).
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05548-01-3

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