Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 26, 2023 | referred to ways and means |
Current Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
Co-Sponsors
Juan Ardila
Jessica Gonzalez-Rojas
Sarahana Shrestha
Dana Levenberg
A2576 (ACTIVE) - Details
A2576 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2576 2023-2024 Regular Sessions I N A S S E M B L Y January 26, 2023 ___________ Introduced by M. of A. KIM -- read once and referred to the Committee on Ways and Means 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 TAX SHALL BE PHASED IN PROPORTIONALLY, BEGINNING WITH A PHASE-IN FRAC- TION OF FIFTY PERCENT, OVER THE FIRST ONE HUNDRED THOUSAND DOLLARS OF NEW YORK TAXABLE INCOME IN EXCESS OF ONE MILLION DOLLARS; AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02435-02-3