Bill Text: NY A02170 | 2023-2024 | General Assembly | Amended
Bill Title: Relates to treatment of gains from qualified opportunity zones in calculating taxable income; removes exclusion of gains on property in qualified opportunity zones in calculation of income.
Spectrum: Partisan Bill (Democrat 37-0)
Status: (Introduced) 2024-01-03 - referred to ways and means [A02170 Detail]
Download: New_York-2023-A02170-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 2170--A 2023-2024 Regular Sessions IN ASSEMBLY January 23, 2023 ___________ Introduced by M. of A. DINOWITZ, THIELE, REYES, MITAYNES, L. ROSENTHAL, GALLAGHER, STECK, GLICK, CARROLL, FAHY, KELLES, MAMDANI, KIM, BURGOS, SEAWRIGHT, CUNNINGHAM, RAGA, CRUZ, WALLACE, OTIS, SOLAGES, SHRESTHA, HEVESI, SEPTIMO, PAULIN, SHIMSKY, EPSTEIN, BURDICK, O'DONNELL, FORREST, LEVENBERG, GONZALEZ-ROJAS, ANDERSON, BORES -- Multi-Sponsored by -- M. of A. SIMON -- read once and referred to the Committee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law and the administrative code of the city of New York, in relation to treatment of gains from qualified opportunity zones in calculating taxable income The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (b) of subdivision 9 of section 208 of the tax 2 law is amended by adding a new subparagraph 28 to read as follows: 3 (28) the amount of gain excluded from federal gross income for the 4 taxable year by subparagraph (c) of paragraph (1) of subsection (a) of 5 section 1400Z-2 of the internal revenue code. 6 § 2. Subdivision 9 of section 208 of the tax law is amended by adding 7 a new paragraph (u) to read as follows: 8 (u) For tax years beginning on or after January first, two thousand 9 twenty-four, upon the sale or exchange of property with respect to which 10 the taxpayer has made the election under subparagraph (c) of paragraph 11 (1) of subsection (a) of section 1400Z-2 of the internal revenue code, 12 the basis of such property under this article shall be determined as if 13 the taxpayer had not made such election. 14 § 3. Subsection (b) of section 612 of the tax law is amended by adding 15 a new paragraph 44 to read as follows: 16 (44) the amount of gain excluded from federal gross income for the 17 taxable year by subparagraph (c) of paragraph (1) of subsection (a) of 18 section 1400Z-2 of the internal revenue code. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01221-03-3A. 2170--A 2 1 § 4. Section 612 of the tax law is amended by adding a new subsection 2 (y) to read as follows: 3 (y) Qualified opportunity zones. For tax years beginning on or after 4 January first, two thousand twenty-four, upon the sale or exchange of 5 property with respect to which the taxpayer has made the election under 6 subparagraph (c) of paragraph (1) of subsection (a) of section 1400Z-2 7 of the internal revenue code, the basis of such property under this 8 article shall be determined as if the taxpayer had not made such 9 election. 10 § 5. Paragraph 2 of subdivision (b) of section 1503 of the tax law is 11 amended by adding a new subparagraph (AA) to read as follows: 12 (AA) the amount of gain excluded from federal gross income for the 13 taxable year by subparagraph (c) of paragraph (1) of subsection (a) of 14 section 1400Z-2 of the internal revenue code. 15 § 6. Section 1503 of the tax law is amended by adding a new subdivi- 16 sion (d) to read as follows: 17 (d) For tax years beginning on or after January first, two thousand 18 twenty-four, upon the sale or exchange of property with respect to which 19 the taxpayer has made the election under subparagraph (c) of paragraph 20 (1) of subsection (a) of section 1400Z-2 of the internal revenue code, 21 the basis of such property under this article shall be determined as if 22 the taxpayer had not made such election. 23 § 7. Paragraph (a) of subdivision 8 of section 11-602 of the adminis- 24 trative code of the city of New York is amended by adding a new subpara- 25 graph 17 to read as follows: 26 (17) the amount of gain excluded from federal gross income for the 27 taxable year by subparagraph (c) of paragraph (1) of subsection (a) of 28 section 1400Z-2 of the internal revenue code. 29 § 8. Section 11-602 of the administrative code of the city of New York 30 is amended by adding a new subdivision 11 to read as follows: 31 11. For tax years beginning on or after January first, two thousand 32 twenty-four, upon the sale or exchange of property with respect to which 33 the taxpayer has made the election under subparagraph (c) of paragraph 34 (1) of subsection (a) of section 1400Z-2 of the internal revenue code, 35 the basis of such property under this article shall be determined as if 36 the taxpayer had not made such election. 37 § 9. Paragraph (a) of subdivision 8 of section 11-652 of the adminis- 38 trative code of the city of New York is amended by adding a new subpara- 39 graph 18 to read as follows: 40 (18) the amount of gain excluded from federal gross income for the 41 taxable year by subparagraph (c) of paragraph (1) of subsection (a) of 42 section 1400Z-2 of the internal revenue code. 43 § 10. Subdivision 8 of section 11-652 of the administrative code of 44 the city of New York is amended by adding a new paragraph (u) to read as 45 follows: 46 (u) For tax years beginning on or after January first, two thousand 47 twenty-four, upon the sale or exchange of property with respect to which 48 the taxpayer has made the election under subparagraph (c) of paragraph 49 (1) of subsection (a) of section 1400Z-2 of the internal revenue code, 50 the basis of such property under this article shall be determined as if 51 the taxpayer had not made such election. 52 § 11. Subdivision (b) of section 11-1712 of the administrative code of 53 the city of New York is amended by adding a new paragraph 40 to read as 54 follows:A. 2170--A 3 1 (40) the amount of gain excluded from federal gross income for the 2 taxable year by subparagraph (c) of paragraph (1) of subsection (a) of 3 section 1400Z-2 of the internal revenue code. 4 § 12. Section 11-1712 of the administrative code of the city of New 5 York is amended by adding a new subdivision (w) to read as follows: 6 (w) For tax years beginning on or after January first, two thousand 7 twenty-four, upon the sale or exchange of property with respect to which 8 the taxpayer has made the election under subparagraph (c) of paragraph 9 (1) of subsection (a) of section 1400Z-2 of the internal revenue code, 10 the basis of such property under this article shall be determined as if 11 the taxpayer had not made such election. 12 § 13. This act shall take effect immediately and shall apply to taxa- 13 ble years beginning on or after January 1, 2024.