|
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| May 10, 2022 |
print number 8081a |
| May 10, 2022 |
amend and recommit to ways and means |
| Jan 05, 2022 |
referred to ways and means |
| Jun 11, 2021 |
referred to ways and means |
Assembly Bill A8081A
2021-2022 Legislative Session
Sponsored By
DINOWITZ
Archive: Last Bill Status - In Assembly 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
Bill Amendments
2021-A8081 - Details
2021-A8081 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
8081
2021-2022 Regular Sessions
I N A S S E M B L Y
June 11, 2021
___________
Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
tee on Ways and Means
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:
Section 1. Paragraph (b) of subdivision 9 of section 208 of the tax
law is amended by adding a new subparagraph 28 to read as follows:
(28) THE AMOUNT OF GAIN EXCLUDED FROM FEDERAL GROSS INCOME FOR THE
TAXABLE YEAR BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF
SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
§ 2. Subdivision 9 of section 208 of the tax law is amended by adding
a new paragraph (u) to read as follows:
(U) FOR TAX YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
TWENTY-ONE, UPON THE SALE OR EXCHANGE OF PROPERTY WITH RESPECT TO WHICH
THE TAXPAYER HAS MADE THE ELECTION UNDER SUBPARAGRAPH (C) OF PARAGRAPH
(1) OF SUBSECTION (A) OF SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE,
THE BASIS OF SUCH PROPERTY UNDER THIS ARTICLE SHALL BE DETERMINED AS IF
THE TAXPAYER HAD NOT MADE SUCH ELECTION.
§ 3. Subsection (b) of section 612 of the tax law is amended by adding
a new paragraph 44 to read as follows:
(44) THE AMOUNT OF GAIN EXCLUDED FROM FEDERAL GROSS INCOME FOR THE
TAXABLE YEAR BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF
SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
§ 4. Section 612 of the tax law is amended by adding a new subsection
(y) to read as follows:
(Y) QUALIFIED OPPORTUNITY ZONES. FOR TAX YEARS BEGINNING ON OR AFTER
JANUARY FIRST, TWO THOUSAND TWENTY-ONE, UPON THE SALE OR EXCHANGE OF
PROPERTY WITH RESPECT TO WHICH THE TAXPAYER HAS MADE THE ELECTION UNDER
SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF SECTION 1400Z-2
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
co-Sponsors
Steven Englebright
Fred Thiele
Karines Reyes
Marcela Mitaynes
multi-Sponsors
Jo Anne Simon
2021-A8081A (ACTIVE) - Details
2021-A8081A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
8081--A
2021-2022 Regular Sessions
I N A S S E M B L Y
June 11, 2021
___________
Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
tee on Ways and Means -- recommitted to the Committee on Ways and
Means in accordance with Assembly Rule 3, sec. 2 -- 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:
Section 1. Paragraph (b) of subdivision 9 of section 208 of the tax
law is amended by adding a new subparagraph 28 to read as follows:
(28) THE AMOUNT OF GAIN EXCLUDED FROM FEDERAL GROSS INCOME FOR THE
TAXABLE YEAR BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF
SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
§ 2. Subdivision 9 of section 208 of the tax law is amended by adding
a new paragraph (u) to read as follows:
(U) FOR TAX YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
TWENTY-TWO, UPON THE SALE OR EXCHANGE OF PROPERTY WITH RESPECT TO WHICH
THE TAXPAYER HAS MADE THE ELECTION UNDER SUBPARAGRAPH (C) OF PARAGRAPH
(1) OF SUBSECTION (A) OF SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE,
THE BASIS OF SUCH PROPERTY UNDER THIS ARTICLE SHALL BE DETERMINED AS IF
THE TAXPAYER HAD NOT MADE SUCH ELECTION.
§ 3. Subsection (b) of section 612 of the tax law is amended by adding
a new paragraph 44 to read as follows:
(44) THE AMOUNT OF GAIN EXCLUDED FROM FEDERAL GROSS INCOME FOR THE
TAXABLE YEAR BY SUBPARAGRAPH (C) OF PARAGRAPH (1) OF SUBSECTION (A) OF
SECTION 1400Z-2 OF THE INTERNAL REVENUE CODE.
§ 4. Section 612 of the tax law is amended by adding a new subsection
(y) to read as follows:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11490-04-2
A. 8081--A 2
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