New York S 3340: Relates to treatment of gains from qualified opportunity zones in calculating taxable income

Bill Text

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S03340 Summary:

BILL NOS03340 

&nbsp

SAME ASSAME AS A03246

&nbsp

SPONSORGIANARIS

&nbsp

COSPNSRBRISPORT, FAHY, HOYLMAN-SIGAL, JACKSON, KRUEGER, PARKER, RAMOS, SALAZAR, SKOUFIS, STAVISKY, WEBB

&nbsp

MLTSPNSR

&nbsp

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

&nbsp

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 S03340 Actions:

BILL NOS03340 

&nbsp

01/27/2025REFERRED TO BUDGET AND REVENUE

02/11/2025REPORTED AND COMMITTED TO FINANCE

05/20/20251ST REPORT CAL.1220

05/21/20252ND REPORT CAL.

05/22/2025ADVANCED TO THIRD READING 

06/05/2025PASSED SENATE

06/05/2025DELIVERED TO ASSEMBLY

06/05/2025referred to ways and means

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO BUDGET AND REVENUE

05/28/2026COMMITTEE DISCHARGED AND COMMITTED TO RULES

05/28/2026ORDERED TO THIRD READING CAL.1352

06/01/2026PASSED SENATE

06/01/2026DELIVERED TO ASSEMBLY

06/01/2026referred to ways and means

Go to topS03340 Committee&nbspVotes:

Go to topS03340 Floor&nbspVotes:

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

Go to topS03340 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3340

 2025-2026 Regular Sessions

 IN SENATE

 January 27, 2025
 ___________

 Introduced by Sens. GIANARIS, HOYLMAN-SIGAL, KRUEGER, SALAZAR -- 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 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:
 21 (y) Qualified opportunity zones. For tax years beginning on or after
 22 January first, two thousand twenty-six, upon the sale or exchange of
 23 property with respect to which the taxpayer has made the election under

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

 S. 3340 2

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