S 3340 NY
Relates to treatment of gains from qualified opportunity zones in calculating taxable income
A state bill is a proposed law in a state legislature — separate from the U.S. Congress. Learn more →
Summary
This bill removes the tax exclusion for gains from qualified opportunity zone investments when calculating state taxable income. The legislation ends the current tax benefit that excludes gains on property located in qualified opportunity zones from income calculations. Investors would now be required to include gains from qualified opportunity zone investments in their taxable income. The bill changes the tax treatment of qualified opportunity zone gains in New York state tax calculations.
AI-generated plain-language summary of the bill (from the OpenStates abstract — no full text available yet) — neutral, and may be imperfect.
Official abstract
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.
Sponsor (1)
- Michael Gianaris Democratic · primary
11 coauthors / cosponsors
- Jabari Brisport Democratic · cosponsor
- Patricia Fahy Democratic · cosponsor
- Brad Hoylman-Sigal · cosponsor
- Robert Jackson Democratic · cosponsor
- Liz Krueger Democratic · cosponsor
- Kevin S. Parker Democratic · cosponsor
- Jessica Ramos Democratic · cosponsor
- Julia Salazar Democratic · cosponsor
- James Skoufis Democratic · cosponsor
- Toby Ann Stavisky Democratic · cosponsor
- Lea Webb Democratic · cosponsor
Action history (16)
- Jan 27, 2025 REFERRED TO BUDGET AND REVENUE · upper
- Feb 11, 2025 REPORTED AND COMMITTED TO FINANCE · upper
- May 20, 2025 1ST REPORT CAL.1220 · upper
- May 21, 2025 2ND REPORT CAL. · upper
- May 22, 2025 ADVANCED TO THIRD READING · upper
- Jun 5, 2025 PASSED SENATE · upper
- Jun 5, 2025 DELIVERED TO ASSEMBLY · upper
- Jun 5, 2025 REFERRED TO WAYS AND MEANS · lower
- Jan 7, 2026 DIED IN ASSEMBLY · lower
- Jan 7, 2026 RETURNED TO SENATE · lower
- Jan 7, 2026 REFERRED TO BUDGET AND REVENUE · upper
- May 28, 2026 COMMITTEE DISCHARGED AND COMMITTED TO RULES · upper
- May 28, 2026 ORDERED TO THIRD READING CAL.1352 · upper
- Jun 1, 2026 PASSED SENATE · upper
- Jun 1, 2026 DELIVERED TO ASSEMBLY · upper
- Jun 1, 2026 REFERRED TO WAYS AND MEANS · lower
Full text
The full text hasn’t been imported yet. CivicGate fetches it from the state legislature’s published version documents — check now.
Comments
Data from OpenStates. View on OpenStates →
Comments