Bill > S04482

This bill establishes a "billionaire mark to market tax" that requires resident individual taxpayers with net assets worth $1 billion or more to recognize any gains or losses on their assets as if the assets were sold at their fair market value on December 31, 2020. The resulting net gains, up to a phase-in cap amount, would be included in the taxpayer's income for the 2021 tax year. Subsequent to 2021, resident individual taxpayers with net assets worth $1 billion or more at the end of any tax year would be required to recognize gains or losses in a similar manner. The bill also provides details on how asset values are to be determined, the forms required for reporting, and enforcement provisions.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2021/S4482