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- Actions
- Committee Votes
- Floor Votes
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S02327 Summary:
BILL NO | S02327 |
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SAME AS | No Same As |
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SPONSOR | BAILEY |
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COSPNSR | |
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MLTSPNSR | |
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Amd §612, Tax L | |
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Creates a tax deduction for certain capital gains. |
S02327 Actions:
BILL NO | S02327 | |||||||||||||||||||||||||||||||||||||||||||||||||
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01/19/2023 | REFERRED TO BUDGET AND REVENUE | |||||||||||||||||||||||||||||||||||||||||||||||||
01/03/2024 | REFERRED TO BUDGET AND REVENUE |
S02327 Committee Votes:
Go to topS02327 Floor Votes:
There are no votes for this bill in this legislative session.
Go to topS02327 Text:
Go to top 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