Bill Text: NY S04601 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to a capital gains exemption from the sale of stock from a New York corporation to an employee-owned enterprise.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S04601 Detail]

Download: New_York-2017-S04601-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
            S. 4601                                                  A. 5970
                               2017-2018 Regular Sessions
                SENATE - ASSEMBLY
                                    February 21, 2017
                                       ___________
        IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
          ed,  and  when  printed  to  be committed to the Committee on Investi-
          gations and Government Operations
        IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once  and  referred
          to the Committee on Ways and Means
        AN  ACT  to  amend the tax law, in relation to a capital gains exemption
          from the sale of stock from a New York  corporation  to  an  employee-
          owned  enterprise  as  defined by subdivision five of section eighteen
          hundred thirty-six-b of the public authorities law
          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 44 to read as follows:
     3    (44) one hundred percent (100%) of the capital gains from the sale  of
     4  stock  from  a  New York Corporation to an employee-owned enterprise, as
     5  defined by subdivision five of section eighteen hundred thirty-six-b  of
     6  the public authorities law. In order to qualify for such modification as
     7  described  in  this  paragraph, such employee-owned enterprise must have
     8  its commercial domicile in New York. If the employee-owned enterprise is
     9  an "employee stock ownership plan," it must comply with federal require-
    10  ments as such plan as defined in 26 U.S.C. § 4975(e) (7).
    11    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06766-01-7