Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2020 |
referred to budget and revenue |
Feb 13, 2019 |
referred to budget and revenue |
Senate Bill S3727
2019-2020 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Budget And Revenue 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
2019-S3727 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5520
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
- Versions Introduced in 2017-2018 Legislative Session:
-
S4601, A5970
2019-S3727 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3727 SPONSOR: LAVALLE 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
2019-S3727 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 3727 A. 5520 2019-2020 Regular Sessions S E N A T E - A S S E M B L Y February 13, 2019 ___________ IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print- ed, and when printed to be committed to the Committee on Budget and Revenue 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 IS 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. LBD03278-01-9
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