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NY A07266
Bill
Status
5/8/2013
Primary Sponsor
Claudia Tenney
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AI Summary
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Establishes a capital gains modification allowing taxpayers to subtract capital gains from federal adjusted gross income for sales of new companies or initial public offerings by early-stage investors and company founders
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Defines "new company" as any business entity that did not operate or have nexus in New York State prior to January 1, 2013, with additional criteria to be established by the Tax Commissioner in regulations
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Requires the principal place of business to remain in New York State prior to the liquidity event (sale or IPO) to qualify for the exemption
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Takes effect January 1, 2014, with the Department of Taxation and Finance authorized to immediately prescribe rules and regulations for implementation
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
6/17/2014