Bill > S06522

This bill creates a tax deduction for 100% of the capital gains from the sale of stock or member interest from a New York corporation or limited liability company to an "employee-owned enterprise," as defined in state law. To qualify for this deduction, the employee-owned enterprise must have its commercial domicile in New York and, if it is an "employee stock ownership plan," it must comply with federal requirements for such plans. The bill takes effect immediately.