New York S 4766: Relates to creating a tax deduction for certain capital gains

Bill Text

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S04766 Summary:

BILL NOS04766 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBAILEY

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §612, Tax L

&nbsp

Creates a tax deduction for certain capital gains.

Go to top S04766 Actions:

BILL NOS04766 

&nbsp

02/12/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS04766 Committee&nbspVotes:

Go to topS04766 Floor&nbspVotes:

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

Go to topS04766 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4766

 2025-2026 Regular Sessions

 IN SENATE

 February 12, 2025
 ___________

 Introduced by Sen. BAILEY -- 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 creating a tax deduction for
 certain capital gains

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

 1 Section 1. Subsection (c) of section 612 of the tax law is amended by
 2 adding a new paragraph 48 to read as follows:
 3 (48) One hundred percent of the capital gains from the sale of stock
 4 or member interest from a New York corporation or limited liability
 5 company to an employee-owned enterprise, as defined in subdivision five
 6 of section eighteen hundred thirty-six-b of the public authorities law.
 7 In order to qualify for such modification as described in this para-
 8 graph, such employee-owned enterprise must have its commercial domicile
 9 in New York. If the employee-owned enterprise is an "employee stock
 10 ownership plan," it must comply with federal requirements as such plan
 11 is defined in 26 U.S.C. § 4975(e)(7).
 12 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08883-01-5

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