Bill > A11503

This bill imposes a new tax on any money received by New York residents, estates, or trusts from a specific federal fund called the "federal anti-weaponization fund," which was established as part of a settlement in a legal case. This tax will be 100% of the total amount received from this fund, meaning the entire distribution will be taxed. Importantly, this tax cannot be lowered by any deductions, exemptions, or credits that would normally apply to other taxes. The bill defines "distribution" as any payment or monetary transfer received from the fund, directly or indirectly. This new tax is separate from and in place of any other taxes that might otherwise be applied to these distributions.