Bill
Bill > S01195
NY S01195
NY S01195Relates to investment income and capital gains on investments deferred or excluded under 26 U.S.C. section 1400-z-2.
summary
Introduced
01/08/2021
01/08/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
Relates to investment income and capital gains on investments deferred or excluded under 26 U.S.C. section 1400-z-2.
AI Summary
This bill amends the New York state and New York City tax laws to exclude any capital gains deferred or excluded under Section 1400-Z-2 of the U.S. Internal Revenue Code from the definition of "investment income" for the purpose of calculating corporate franchise and business income taxes. This effectively eliminates the tax benefits associated with the federal "Opportunity Zone" program, which allows for the deferral or exclusion of capital gains taxes on investments in economically distressed areas designated as Opportunity Zones. The bill would apply to taxable years beginning on or after January 1, 2021.
Committee Categories
Budget and Finance
Sponsors (12)
Michael Gianaris (D)*,
Jamaal Bailey (D),
Alessandra Biaggi (D),
Andrew Gounardes (D),
Brad Hoylman (D),
Robert Jackson (D),
Liz Krueger (D),
Zellnor Myrie (D),
Jessica Ramos (D),
Elijah Reichlin-Melnick (D),
Gustavo Rivera (D),
Julia Salazar (D),
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/05/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/S1195 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S01195&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01195 |
Loading...