Bill
Bill > A05092
NY A05092
NY A05092Establishes a billionaire mark to market tax taxing residents with one billion dollars or more in net assets.
summary
Introduced
02/11/2021
02/11/2021
In Committee
02/11/2021
02/11/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to establish the "billionaire mark to market tax act"; and to amend the tax law, in relation to establishing a mark to market tax
AI Summary
This bill establishes a "billionaire mark to market tax" in New York, which requires resident individual taxpayers with net assets worth $1 billion or more to recognize gains or losses as if their assets were sold at fair market value on December 31, 2020. The resulting net gains, up to a phase-in cap amount, will be included in the taxpayer's 2021 income. Subsequent to 2021, resident individual taxpayers with $1 billion or more in net assets will recognize gains or losses on an annual basis, with proper adjustments made for any previously recognized gains. The bill provides details on how net assets are calculated, the valuation of assets, and the reporting requirements for affected taxpayers. It also includes provisions to prevent avoidance and ensure the collection of the tax.
Committee Categories
Budget and Finance
Sponsors (47)
Carmen De La Rosa (D)*,
Khaleel Anderson (D),
Rodneyse Bichotte Hermelyn (D),
Harry Bronson (D),
Kenny Burgos (D),
Pat Burke (D),
Kevin Cahill (D),
Robert Carroll (D),
Sarah Clark (D),
William Colton (D),
Catalina Cruz (D),
Maritza Davila (D),
Jeffrey Dinowitz (D),
Harvey Epstein (D),
Nathalia Ferna´ndez (D),
Deborah Glick (D),
Jessica González-Rojas (D),
Richard Gottfried (D),
Andrew Hevesi (D),
Pamela Hunter (D),
Chantel Jackson (D),
Kimberly Jean-Pierre (D),
Anna Kelles (D),
Ron Kim (D),
Jen Lunsford (D),
Donna Lupardo (D),
Demond Meeks (D),
Yuh-Line Niou (D),
Catherine Nolan (D),
Danny O'Donnell (D),
N. Nick Perry (D),
Victor Pichardo (D),
Dan Quart (D),
Phil Ramos (D),
Karines Reyes (D),
Diana Richardson (D),
Robert Rodriguez (D),
Linda Rosenthal (D),
Nily Rozic (D),
Rebecca Seawright (D),
Jo Anne Simon (D),
Michaelle Solages (D),
Phara Souffrant Forrest (D),
Al Taylor (D),
Fred Thiele (D),
Latrice Walker (D),
David Weprin (D),
Last Action
referred to ways and means (on 02/11/2021)
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/A5092 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A05092&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A05092 |
Loading...