New York State Assembly

Bill No.:  

 
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S02327 Summary:

BILL NO	S02327
SAME AS	No Same As
SPONSOR	BAILEY
COSPNSR
MLTSPNSR
Amd §612, Tax L
Creates a tax deduction for certain capital gains.

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S02327 Actions:

BILL NO	S02327
01/19/2023	REFERRED TO BUDGET AND REVENUE
01/03/2024	REFERRED TO BUDGET AND REVENUE

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S02327 Committee Votes:

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S02327 Floor Votes:

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S02327 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2327
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                    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:
 
     1    Section  1. Subsection (c) of section 612 of the tax law is amended by
     2  adding a new paragraph 47 to read as follows:
     3    (47) One hundred percent of the capital gains from the sale  of  stock
     4  or  member  interest  from  a  New York corporation or limited liability
     5  company to an employee-owned enterprise, as defined in subdivision  five
     6  of  section eighteen hundred thirty-six-b of the public authorities law.
     7  In order to qualify for such modification as  described  in  this  para-
     8  graph,  such employee-owned enterprise must have its commercial domicile
     9  in New York. If the employee-owned  enterprise  is  an  "employee  stock
    10  ownership  plan,"  it must comply with federal requirements as such plan
    11  is defined in 26 U.S.C. § 4975(e)(7).
    12    § 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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