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NY A10613
Bill
Status
Introduced
4/12/2010
Primary Sponsor
Marc Alessi
Click for details
AI Summary
- Establishes a capital gains modification allowing taxpayers to subtract capital gains from federal adjusted gross income for New York tax purposes
- Defines "capital gain" as profits from the sale of a new company or initial public offering of stock by early-stage investors or company founders
- Applies only to corporations or partnerships organized in New York State after January 1, 2011, and located in New York; exemption is lost if the principal place of business relocates outside the state before a liquidity event
- Allows subtraction of capital gains from federal adjusted gross income without reducing the gain included in New York income below zero
- Takes effect January 1, 2011, with the Department of Taxation and Finance authorized to issue rules and regulations immediately
Legislative Description
Enacts a tax exemption for capital gains on the sales of new businesses and the initial public offerings of the stock of new businesses that are located in New York.
Last Action
held for consideration in ways and means
7/1/2010
Committee Referrals
Ways and Means4/12/2010
Full Bill Text
No bill text available