Bill > S10585

This bill imposes a new separate tax on any money received by New York residents, including individuals, estates, and trusts, from a specific federal fund called the "federal anti-weaponization fund." This fund was established as part of a settlement in a legal case titled *Trump v. Internal Revenue Service*. The tax rate is set at 100% of the total amount received from this fund, meaning the entire distribution is taxed. Importantly, this tax cannot be lowered by any deductions, exemptions, or credits that would normally apply to other types of income. The bill takes effect immediately.