NY A03252

Bill

NY A03252

Establishes a billionaire mark-to-market tax taxing residents with one billion dollars or more in net assets.

Introduced
02/02/2023

In Committee
01/03/2024

Crossed Over

Passed

Dead
12/31/2024

Introduced Session

2023-2024 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. It requires resident individuals 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, 2022. The resulting net gains, up to a phase-in cap amount, would be included in the taxpayer's 2023 income. Subsequent to 2023, billionaire residents would annually recognize gains or losses on their assets in a similar manner. The bill provides credit for taxes paid to other jurisdictions on gains that were accumulated prior to the taxpayer becoming a New York resident. It also outlines procedures for determining asset values and reporting requirements.

Committee Categories

Budget and Finance

Sponsors (25)

Anna Kelles (D)*, Khaleel Anderson (D), Juan Ardila (D), Rodneyse Bichotte Hermelyn (D), Robert Carroll (D), Maritza Davila (D), Manny De Los Santos (D), Harvey Epstein (D), Emily Gallagher (D), Jessica González-Rojas (D), Dana Levenberg (D), Zohran Mamdani (D), Demond Meeks (D), Marcela Mitaynes (D), Steven Raga (D), Phil Ramos (D), Karines Reyes (D), Linda Rosenthal (D), Nader Sayegh (D), Rebecca Seawright (D), Sarahana Shrestha (D), Jo Anne Simon (D), Tony Simone (D), Michaelle Solages (D), Phara Souffrant Forrest (D),

Last Action

referred to ways and means (on 01/03/2024)

Official Document

https://www.nysenate.gov/legislation/bills/2023/A3252

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.nysenate.gov/legislation/bills/2023/A3252
BillText	https://assembly.state.ny.us/leg/?default_fld=&bn=A03252&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A03252

Bill	Bill Name	Last Action	Type
A05092	Establishes a billionaire mark to market tax taxing residents with one billion dollars or more in net assets.	referred to ways and means	Reintroduced
S01570	Establishes a billionaire mark-to-market tax taxing residents with one billion dollars or more in net assets.	REFERRED TO BUDGET AND REVENUE	Same As

Bill > A03252

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (25)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary