Senate Bill S543

2023-2024 Legislative Session

Relates to treatment of gains from qualified opportunity zones in calculating taxable income

download bill text pdf

Sponsored By

Current 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

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Bill Amendments

co-Sponsors

2023-S543 - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208, 612 & 1503, Tax L; amd §§11-602, 11-652 & 11-1712, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:
S6800

2023-S543 - Summary

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.

2023-S543 - Sponsor Memo

2023-S543 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    543
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 5, 2023
                                ___________
 
 Introduced by Sens. GIANARIS, KRUEGER -- read twice and ordered printed,
   and when printed to be committed to the Committee on Budget and Reven-
   ue
 
 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-THREE, UPON THE SALE OR EXCHANGE  OF  PROPERTY  WITH  RESPECT  TO
 WHICH THE TAXPAYER HAS MADE THE ELECTION UNDER SUBPARAGRAPH (C) OF PARA-
 GRAPH  (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-THREE, UPON THE SALE OR EXCHANGE OF
 PROPERTY WITH RESPECT TO WHICH THE TAXPAYER HAS MADE THE ELECTION  UNDER
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01221-01-3
              

co-Sponsors

2023-S543A - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208, 612 & 1503, Tax L; amd §§11-602, 11-652 & 11-1712, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:
S6800

2023-S543A - Summary

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.

2023-S543A - Sponsor Memo

2023-S543A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  543--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 5, 2023
                                ___________
 
 Introduced  by  Sens. GIANARIS, HOYLMAN-SIGAL, KRUEGER -- read twice and
   ordered printed, and when printed to be committed to the Committee  on
   Budget  and  Revenue  --  recommitted  to  the Committee on Budget and
   Revenue in  accordance  with  Senate  Rule  6,  sec.  8  --  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-FOUR, 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.
                                                            LBD01221-02-3
              

co-Sponsors

2023-S543B (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208, 612 & 1503, Tax L; amd §§11-602, 11-652 & 11-1712, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:
S6800

2023-S543B (ACTIVE) - Summary

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.

2023-S543B (ACTIVE) - Sponsor Memo

2023-S543B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  543--B
     Cal. No. 904
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 5, 2023
                                ___________
 
 Introduced  by  Sens.  GIANARIS, HOYLMAN-SIGAL, KRUEGER, SALAZAR -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee  on  Budget  and  Revenue -- recommitted to the Committee on
   Budget and Revenue in accordance with Senate Rule 6, sec. 8 -- commit-
   tee discharged, bill amended, ordered reprinted as amended and  recom-
   mitted to said committee -- reported favorably from said committee and
   committed  to the Committee on Finance -- reported favorably from said
   committee, ordered to first report, amended on first  report,  ordered
   to  a  second report and ordered reprinted, retaining its place in the
   order of second report
 
 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-FOUR, 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:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01221-04-4
              

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