New York State Assembly

Bill No.:  

 
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A05520 Summary:

BILL NO	A05520
SAME AS	SAME AS UNI. S03727
SPONSOR	Thiele
COSPNSR
MLTSPNSR
Amd §612, Tax L
Relates to a capital gains exemption from the sale of stock from a New York corporation to an employee-owned enterprise.

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A05520 Actions:

BILL NO	A05520
02/13/2019	referred to ways and means
01/08/2020	referred to ways and means

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A05520 Committee Votes:

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A05520 Floor Votes:

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A05520 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
            S. 3727                                                  A. 5520
 
                               2019-2020 Regular Sessions
 
                SENATE - ASSEMBLY
 
                                    February 13, 2019
                                       ___________
 
        IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
          ed,  and  when  printed to be committed to the Committee on Budget and
          Revenue
 
        IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once  and  referred
          to the Committee on Ways and Means

        AN  ACT  to  amend the tax law, in relation to a capital gains exemption
          from the sale of stock from a New York  corporation  to  an  employee-
          owned  enterprise  as  defined by subdivision five of section eighteen
          hundred thirty-six-b of the public authorities law
 
          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 44 to read as follows:
     3    (44) One hundred percent (100%) of the capital gains from the sale  of
     4  stock  from  a  New York Corporation to an employee-owned enterprise, as
     5  defined by subdivision five of section eighteen hundred thirty-six-b  of
     6  the public authorities law. In order to qualify for such modification as
     7  described  in  this  paragraph, such employee-owned enterprise must have
     8  its commercial domicile in New York. If the employee-owned enterprise is
     9  an "employee stock ownership plan," it must comply with federal require-
    10  ments as such plan is defined in 26 U.S.C. § 4975(e) (7).
    11    § 2. This act shall take effect immediately.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03278-01-9

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