Bill > S00165

This bill establishes a new "billionaire mark-to-market tax" in New York that would require individual residents with net assets of one billion dollars or more to recognize gains or losses as if they had sold all their assets at fair market value on December 31, 2024, with subsequent annual mark-to-market assessments. The tax would apply to all assets owned by the taxpayer, including those of their spouse, minor children, and certain trusts, and would cover a wide range of asset types such as stocks, real estate, art, collectibles, and offshore financial assets. Taxpayers would have the option to pay the resulting tax either in full with their annual tax return or in ten equal installments with an additional non-deductible deferral charge. The bill includes provisions for crediting taxes already paid to other jurisdictions, carefully defining fair market value, and establishing detailed reporting requirements. The tax would only apply to the portion of net assets exceeding one billion dollars, with gains calculated incrementally through a "phase-in cap amount" equal to a quarter of the assets over the billion-dollar threshold. The legislation also includes safeguards such as the ability to carry forward net losses and provisions to prevent tax avoidance strategies.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S165