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NY S08977
Bill
Status
9/14/2020
Primary Sponsor
Jessica Ramos
Click for details
AI Summary
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Requires all qualified opportunity funds to file annual returns with the state tax commissioner containing detailed information about fund assets, investments, business operations, and investors.
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Mandates disclosure of specific data including property values, ownership percentages of women and minority-owned businesses, full-time jobs created, union jobs and wages, and details on residential units and housing costs.
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Requires individual investors in qualified opportunity funds to file annual statements disclosing investment amounts, dates, and whether gains were rolled over under federal law.
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Establishes escalating penalties for non-compliance ranging from 0.5% to 2.5% of allocated amounts for reporting failures, with revocation of fund allocation after five failures; imposes 10% penalty for late filings.
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Requires the state comptroller to submit annual reports analyzing the distribution and impact of opportunity zone investments on employment, business creation, poverty reduction, housing costs, and income distribution in designated zones.
Legislative Description
Establishes the opportunity zone reporting and reform act requiring qualified opportunity funds to file annual returns including information on the investors in the fund, the size of the fund and the use of the funds; establishes penalties for failure to file such returns; requires the comptroller to provide an annual report on the effectiveness of opportunity zones and compliance with the reporting requirements.
Last Action
REFERRED TO RULES
9/14/2020