New York A 3246: Relates to permitting excused absences of state employees for the purpose of donating blood

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A03246 Summary:

BILL NOA03246 

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SAME ASSAME AS S03340

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SPONSORDinowitz (MS)

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COSPNSRReyes, Mitaynes, Rosenthal, Gallagher, Steck, Glick, Carroll R, Kelles, Kim, Seawright, Cunningham,
 Raga, Cruz, Otis, Shrestha, Hevesi, Septimo, Paulin, Shimsky, Epstein, Burdick, Forrest, Levenberg,
 Gonzalez-Rojas, Anderson, Bores, Stirpe, Schiavoni, Lasher, Carroll P, Torres, Solages, Simone,
 Tapia, Clark, Lavine, Eachus, Meeks, Conrad, Moreno, Lee

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MLTSPNSRSimon

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Amd §§208, 612 & 1503, Tax L; amd §§11-602, 11-652 & 11-1712, NYC Ad Cd

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Relates to treatment of gains from qualified opportunity zones in calculating taxable income; removes exclusion of gains on property in qualified opportunity zones in calculation of income.

Go to top A03246 Actions:

BILL NOA03246 

&nbsp

01/27/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA03246 Committee&nbspVotes:

Go to topA03246 Floor&nbspVotes:

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

Go to topA03246 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3246

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 27, 2025
 ___________

 Introduced by M. of A. DINOWITZ, REYES, MITAYNES, ROSENTHAL, GALLAGHER,
 STECK, GLICK, R. CARROLL, KELLES, MAMDANI, KIM, SEAWRIGHT, CUNNINGHAM,
 RAGA, CRUZ, OTIS, SHRESTHA, HEVESI, SEPTIMO, PAULIN, SHIMSKY, EPSTEIN,
 BURDICK, FORREST, LEVENBERG, GONZALEZ-ROJAS, ANDERSON, BORES, STIRPE
 -- Multi-Sponsored by -- M. of A. SIMON -- read once and referred to
 the Committee on Ways and Means

 AN ACT to amend the tax law and the administrative code of the city of
 New York, in relation to treatment of gains from qualified opportunity
 zones in calculating taxable income

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

 1 Section 1. Paragraph (b) of subdivision 9 of section 208 of the tax
 2 law is amended by adding a new subparagraph 28 to read as follows:
 3 (28) the amount of gain excluded from federal gross income for the
 4 taxable year by subparagraph (C) of paragraph (1) of subsection (a) of
 5 section 1400Z-2 of the internal revenue code.
 6 § 2. Subdivision 9 of section 208 of the tax law is amended by adding
 7 a new paragraph (u) to read as follows:
 8 (u) For tax years beginning on or after January first, two thousand
 9 twenty-six, upon the sale or exchange of property with respect to which
 10 the taxpayer has made the election under subparagraph (C) of paragraph
 11 (1) of subsection (a) of section 1400Z-2 of the internal revenue code,
 12 the basis of such property under this article shall be determined as if
 13 the taxpayer had not made such election.
 14 § 3. Subsection (b) of section 612 of the tax law is amended by adding
 15 a new paragraph 44 to read as follows:
 16 (44) the amount of gain excluded from federal gross income for the
 17 taxable year by subparagraph (C) of paragraph (1) of subsection (a) of
 18 section 1400Z-2 of the internal revenue code.
 19 § 4. Section 612 of the tax law is amended by adding a new subsection
 20 (y) to read as follows:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02005-01-5

 A. 3246 2

 1 (y) Qualified opportunity zones. For tax years beginning on or after
 2 January first, two thousand twenty-six, upon the sale or exchange of
 3 property with respect to which the taxpayer has made the election under
 4 subparagraph (C) of paragraph (1) of subsection (a) of section 1400Z-2
 5 of the internal revenue code, the basis of such property under this
 6 article shall be determined as if the taxpayer had not made such
 7 election.
 8 § 5. Paragraph 2 of subdivision (b) of section 1503 of the tax law is
 9 amended by adding a new subparagraph (AA) to read as follows:
 10 (AA) the amount of gain excluded from federal gross income for the
 11 taxable year by subparagraph (C) of paragraph (1) of subsection (a) of
 12 section 1400Z-2 of the internal revenue code.
 13 § 6. Section 1503 of the tax law is amended by adding a new subdivi-
 14 sion (d) to read as follows:
 15 (d) For tax years beginning on or after January first, two thousand
 16 twenty-six, upon the sale or exchange of property