Bill Text: NY S02327 | 2023-2024 | General Assembly | Introduced
Bill Title: Creates a tax deduction for certain capital gains.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-01-03 - REFERRED TO BUDGET AND REVENUE [S02327 Detail]
Download: New_York-2023-S02327-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2327 2023-2024 Regular Sessions IN SENATE January 19, 2023 ___________ Introduced by Sen. BAILEY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to creating a tax deduction for certain capital gains The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (c) of section 612 of the tax law is amended by 2 adding a new paragraph 47 to read as follows: 3 (47) One hundred percent of the capital gains from the sale of stock 4 or member interest from a New York corporation or limited liability 5 company to an employee-owned enterprise, as defined in subdivision five 6 of section eighteen hundred thirty-six-b of the public authorities law. 7 In order to qualify for such modification as described in this para- 8 graph, such employee-owned enterprise must have its commercial domicile 9 in New York. If the employee-owned enterprise is an "employee stock 10 ownership plan," it must comply with federal requirements as such plan 11 is defined in 26 U.S.C. § 4975(e)(7). 12 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05548-01-3