New York S 165: Establishes a billionaire mark-to-market tax

Bill Text

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 Speaker Carl E. Heastie

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S00165 Summary:

BILL NOS00165 

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SAME ASSAME AS A03632

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SPONSORRAMOS

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COSPNSRBRISPORT, BROUK, CLEARE, COMRIE, COONEY, FERNANDEZ, GIANARIS, GONZALEZ, HINCHEY, HOYLMAN-SIGAL,
 JACKSON, KAVANAGH, LIU, MAY, MYRIE, PARKER, RIVERA, SALAZAR, SANDERS, SEPULVEDA, SERRANO, STAVISKY,
 WEBB

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MLTSPNSR

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Add §612-a, Tax L

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Establishes a billionaire mark-to-market tax taxing residents with one billion dollars or more in net assets.

Go to top S00165 Actions:

BILL NOS00165 

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01/08/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS00165 Committee&nbspVotes:

Go to topS00165 Floor&nbspVotes:

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

Go to topS00165 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 165

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. RAMOS, BRISPORT, BROUK, CLEARE, COMRIE, COONEY,
 FERNANDEZ, GIANARIS, GONZALEZ, HINCHEY, HOYLMAN-SIGAL, JACKSON,
 KAVANAGH, LIU, MAY, MYRIE, PARKER, RIVERA, SALAZAR, SANDERS, SEPULVE-
 DA, SERRANO, STAVISKY, WEBB -- read twice and ordered printed, and
 when printed to be committed to the Committee on Budget and Revenue

 AN ACT to establish the "billionaire mark-to-market tax act"; and to
 amend the tax law, in relation to establishing a mark-to-market tax

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

 1 Section 1. This act shall be known and may be cited as the "billio-
 2 naire mark-to-market tax act".
 3 § 2. The tax law is amended by adding a new section 612-a to read as
 4 follows:
 5 § 612-a. Billionaire mark-to-market taxation. (a)(1) Notwithstanding
 6 any other provision of law to the contrary, resident individual taxpay-
 7 ers with net assets worth one billion dollars or more on the date of
 8 December thirty-first, two thousand twenty-four, shall recognize gain or
 9 loss as if each asset owned by the individual taxpayer were sold for its
 10 fair market value on that date. Any resulting net gains from these
 11 deemed sales, up to the phase-in cap amount, shall be included in the
 12 taxpayer's income for the two thousand twenty-five tax year. Proper
 13 adjustment shall be made in the amount of any gain or loss subsequently
 14 realized for gain or loss taken into account under the preceding
 15 sentence. At the taxpayer's option, any additional tax payable as a
 16 result of this subsection shall either be payable along with any other
 17 tax owed for the two thousand twenty-five tax year or else shall be
 18 payable annually in ten equal installments beginning in the year of the
 19 effective date of this section and with all such installment payments
 20 commencing after the initial installment payment also being subject to
 21 an annual nondeductible deferral charge. The annual nondeductible

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00756-01-5

 S. 165 2

 1 deferral charge shall be set by the state comptroller at a rate that the
 2 comptroller estimates is equal to the unsecured borrowing rate of the
 3 taxpayer for a loan repaid over a ten-year term in equal annual install-
 4 ments. The comptroller may estimate a single rate for all taxpayers
 5 subject to the deferral charge. For resident individual taxpayers who
 6 would recognize net gains as a result of this subsection except for the
 7 operation of this sentence, if the taxpayer can show that any portion of
 8 such gains was accumulated prior to the taxpayer becoming a resident
 9 individual of New York, and if the taxpayer can also show that such
 10 portion of such gains was previously taxed by any prior state or juris-
 11 diction in which the taxpayer was a resident prior to becoming a resi-
 12 dent individual of New York, then credit shall be provided in the amount
 13 of any such tax on such gains paid to any such prior states or jurisdic-
 14 tions in which the taxpayer was a resident prior to becoming a resident
 15 individual of New York. Any credits so provided by this subsection,
 16 however, shall not exceed the lesser of the total tax owed under this
 17 subsection on such gains and the tax imposed on such