NY A10414

Establishes a mark-to-market tax on resident individuals with net assets worth $1 billion or more, requiring them to recognize gains on all assets as if sold on July 1, 2020, with gains phased in at 25% annually and taxable income included starting in 2020 tax year.

Allows billionaire taxpayers to pay the resulting tax in a lump sum or in 10 equal annual installments with a 7.5% annual deferral charge, with credits available for taxes previously paid to other states on the same gains.

Creates a "Worker Bailout Fund" in the state treasury to receive revenues from the billionaire tax (after deducting administration costs), to be used exclusively for emergency wage replacement assistance.

Establishes a "Worker Bailout Program" providing $3,300 monthly payments (retroactive to April 1, 2020) to workers ineligible for unemployment insurance or federal CARES Act assistance who lost work-related earnings or household income during a declared state of emergency, with broad eligibility based on self-attestation of documentation.

Imposes strict confidentiality protections on applicant data, prohibiting disclosure of identity documents, immigration status, or social security information except to the applicant themselves or pursuant to lawful court orders.