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Bill > A05701

NY A05701

NY A05701
Relates to investment income and capital gains on investments deferred or excluded under 26 U.S.C. section 1400-z-2.

summary

Introduced
02/24/2021
In Committee
01/05/2022
Crossed Over
Passed
Dead
12/31/2022

Introduced Session

2021-2022 General Assembly

Bill Summary

Authorizes that the commissioner of transportation is authorized and directed to assume jurisdiction for state highway purposes over the town road described as follows: all of Griffith road from the intersection with state routes 19 and 39 in the town of Pike easterly to its terminus at state route 19A in the town of Genesee Falls.

AI Summary

This bill aims to eliminate the tax break for capital gains deferred or excluded under 26 U.S.C. §1400-z-2, which is the section of the Internal Revenue Code relating to opportunity zones. Specifically, the bill amends the New York state and New York City tax laws to include any capital gains deferred or excluded under the federal opportunity zone program as part of a taxpayer's "investment income" for the purposes of calculating their state and city tax liabilities. The bill would apply to taxable years beginning on or after January 1, 2021.

Committee Categories

Budget and Finance

Sponsors (30)

Last Action

referred to ways and means (on 01/05/2022)
(1 Companion Bills)

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