New York S 1439: Imposes an additional tax on income attributable to long-term capital gain

Bill Text

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S01439 Summary:

BILL NOS01439 

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SAME ASSAME AS A00676

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SPONSORRIVERA

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COSPNSRBASKIN, BRISPORT, BROUK, CLEARE, COMRIE, COONEY, FERNANDEZ, GIANARIS, GONZALEZ, GOUNARDES, HINCHEY,
 HOYLMAN-SIGAL, JACKSON, LIU, MAY, MYRIE, PARKER, RAMOS, SALAZAR, SANDERS, SEPULVEDA, SERRANO,
 STAVISKY, WEBB

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MLTSPNSR

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Add §601-b, Tax L

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Imposes an additional tax on income attributable to long-term capital gain.

Go to top S01439 Actions:

BILL NOS01439 

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01/09/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS01439 Committee&nbspVotes:

Go to topS01439 Floor&nbspVotes:

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

Go to topS01439 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1439

 2025-2026 Regular Sessions

 IN SENATE

 January 9, 2025
 ___________

 Introduced by Sens. RIVERA, BRISPORT, BROUK, CLEARE, COMRIE, COONEY,
 FERNANDEZ, GIANARIS, GONZALEZ, GOUNARDES, HINCHEY, HOYLMAN-SIGAL,
 JACKSON, LIU, MAY, MYRIE, PARKER, RAMOS, SALAZAR, SANDERS, SEPULVEDA,
 SERRANO, STAVISKY -- 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 imposing an additional tax
 on income attributable to long-term capital gain

 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 601-b to
 2 read as follows:
 3 § 601-b. Additional tax on low-taxed investment income. (a) There is
 4 hereby imposed, in addition to the tax imposed under section six hundred
 5 one of this article, an additional tax on low-taxed investment income.
 6 (b) As used in this section, low-taxed investment income shall mean
 7 the amount of an individual's New York taxable income attributable to
 8 long-term capital gain, dividends, or any other type of income taxed
 9 under the rates of section 1(h) of the internal revenue code, or any
 10 successor provision thereto.
 11 (c) The additional tax imposed under this section shall be equal to:
 12 (1) in the case of a resident married individual who makes a single
 13 return jointly with the individual's spouse under subsection (b) of
 14 section six hundred fifty-one of this article, and in the case of every
 15 resident surviving spouse:
 16 (A) if New York taxable income is over five hundred thousand dollars,
 17 seven and one-half percent of New York taxable income from long-term
 18 capital gain, which tax shall be phased in proportionally over the first
 19 fifty thousand dollars of New York taxable income in excess of five
 20 hundred thousand dollars; and
 21 (B) if New York taxable income is over one million dollars, fifteen
 22 percent of New York taxable income from long-term capital gain, which

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00237-01-5

 S. 1439 2

 1 tax shall be phased in proportionally, beginning with a phase-in frac-
 2 tion of fifty percent, over the first one hundred thousand dollars of
 3 New York taxable income in excess of one million dollars; and
 4 (2) in the case of a resident head of household:
 5 (A) if New York taxable income is over five hundred thousand dollars,
 6 seven and one-half percent of New York taxable income from long-term
 7 capital gain, which tax shall be phased in proportionally over the first
 8 fifty thousand dollars of New York taxable income in excess of five
 9 hundred thousand dollars; and
 10 (B) if New York taxable income is over one million dollars, fifteen
 11 percent of New York taxable income from long-term capital gain, which
 12 tax shall be phased in proportionally, beginning with a phase-in frac-
 13 tion of fifty percent, over the first one hundred thousand dollars of
 14 New York taxable income in excess of one million dollars; and
 15 (3) in the case of a residential individual who is not a married indi-
 16 vidual or who makes a single return jointly with their spouse under
 17 subsection (b) of section six hundred fifty-one of this article or a
 18 resident head of household or a resident surviving spouse, and in the
 19 case of a resident estate and trust:
 20 (A) if New York taxa