New York State Assembly

Bill No.:  

 
•  Summary 
 
•  Actions 
 
•  Committee Votes 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 
 
•  LFIN 
 
•  Chamber Video/Transcript 

---

S06522 Summary:

BILL NO	S06522
SAME AS	No Same As
SPONSOR	BAILEY
COSPNSR
MLTSPNSR
Amd §612, Tax L
Creates a tax deduction for certain capital gains.

Go to top    

---

S06522 Actions:

BILL NO	S06522
06/14/2019	REFERRED TO RULES
06/18/2019	ORDERED TO THIRD READING CAL.1533
06/18/2019	PASSED SENATE
06/18/2019	DELIVERED TO ASSEMBLY
06/18/2019	referred to ways and means
01/08/2020	died in assembly
01/08/2020	returned to senate
01/08/2020	REFERRED TO BUDGET AND REVENUE

Go to top

---

S06522 Committee Votes:

Go to top

---

S06522 Floor Votes:

Go to top

---

S06522 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6522
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                      June 14, 2019
                                       ___________
 
        Introduced  by  Sen.  BAILEY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        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 44 to read as follows:
     3    (44) 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.
                                                                   LBD13367-01-9

Go to top