New York S 10585: Assesses a separate tax on distributions from designated settlement funds

Bill Text

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S10585 Summary:

BILL NOS10585 

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SAME ASSAME AS A11503

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SPONSORGIANARIS

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COSPNSRFAHY, PARKER, RAMOS

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MLTSPNSR

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Add §603-a, Tax L

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Assesses a 100% tax on distributions from the federal anti-weaponization fund; provides that such tax shall not be reduced pursuant to any deduction, exemption or credit.

Go to top S10585 Actions:

BILL NOS10585 

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05/27/2026REFERRED TO BUDGET AND REVENUE

06/01/2026COMMITTEE DISCHARGED AND COMMITTED TO RULES

06/01/2026ORDERED TO THIRD READING CAL.1523

06/01/2026PASSED SENATE

06/01/2026DELIVERED TO ASSEMBLY

06/01/2026referred to ways and means

Go to topS10585 Committee&nbspVotes:

Go to topS10585 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS10585 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10585

 IN SENATE

 May 27, 2026
 ___________

 Introduced by Sen. GIANARIS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to assessing a separate tax on
 distributions from designated federal settlement funds

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The tax law is amended by adding a new section 603-a to
 2 read as follows:
 3 § 603-a. Separate tax on distributions from designated federal settle-
 4 ment funds. (a) In lieu of any other tax imposed by section six hundred
 5 one of this part, there is hereby imposed for each taxable year a sepa-
 6 rate tax on distributions from a designated fund received by any resi-
 7 dent individual, estate or trust during such taxable year. Such tax
 8 shall be equal to one hundred percent of the gross amount of such
 9 distributions and shall not be reduced pursuant to any deduction,
 10 exemption, or credit otherwise authorized pursuant to law.
 11 (b) For purposes of this section:
 12 (i) "Designated fund" means the federal anti-weaponization fund estab-
 13 lished pursuant to the settlement agreement in Trump v. Internal Revenue
 14 Service, No. 1:26-cv-20609 (S.D. Fla.).
 15 (ii) "Distribution" means any payment, distribution, or monetary
 16 transfer received, either directly or indirectly, by a resident individ-
 17 ual, estate or trust.
 18 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15964-01-6

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