Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to investigations and government operations |
Feb 21, 2017 |
referred to investigations and government operations |
Senate Bill S4601
2017-2018 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2017-S4601 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5970
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
- Versions Introduced in 2019-2020 Legislative Session:
-
S3727, A5520
2017-S4601 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4601 TITLE OF BILL : An act to amend the tax law, in relation to a capital gains exemption from the sale of stock from a New York corporation to an employee-owned enterprise as defined by subdivision five of section eighteen hundred thirty-six-b of the public authorities law PURPOSE : Qualifies employee-owned enterprises whose commercial domicile is in New York to a 100% exemption from capital gains from the sale of stock from a New York corporation to such employee-owned enterprise. SUMMARY OF PROVISIONS : Subsection (c) of Section 612 of the Tax Law is amended by adding a new paragraph 44 relating to modifications to the adjusted gross income of a resident individual. Provides that 100% of the capital gains from the sale of stock from a New York Corporation to an employee-owned enterprise, as defined by subdivision five of section eighteen hundred thirty-six-b of the public authorities law. In order to qualify for such modification as described in this paragraph, such employee-owned enterprise must have its commercial domicile in New York. If the employee-owned enterprise is an "employee stock ownership plan," it must comply with federal requirements as such plan as
2017-S4601 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 4601 A. 5970 2017-2018 Regular Sessions S E N A T E - A S S E M B L Y February 21, 2017 ___________ IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print- ed, and when printed to be committed to the Committee on Investi- gations and Government Operations IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to a capital gains exemption from the sale of stock from a New York corporation to an employee- owned enterprise as defined by subdivision five of section eighteen hundred thirty-six-b of the public authorities law THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 44 to read as follows: (44) ONE HUNDRED PERCENT (100%) OF THE CAPITAL GAINS FROM THE SALE OF STOCK FROM A NEW YORK CORPORATION TO AN EMPLOYEE-OWNED ENTERPRISE, AS DEFINED BY SUBDIVISION FIVE OF SECTION EIGHTEEN HUNDRED THIRTY-SIX-B OF THE PUBLIC AUTHORITIES LAW. IN ORDER TO QUALIFY FOR SUCH MODIFICATION AS DESCRIBED IN THIS PARAGRAPH, SUCH EMPLOYEE-OWNED ENTERPRISE MUST HAVE ITS COMMERCIAL DOMICILE IN NEW YORK. IF THE EMPLOYEE-OWNED ENTERPRISE IS AN "EMPLOYEE STOCK OWNERSHIP PLAN," IT MUST COMPLY WITH FEDERAL REQUIRE- MENTS AS SUCH PLAN AS DEFINED IN 26 U.S.C. § 4975(E) (7). § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06766-01-7
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.