New York proposes a billionaire mark-to-market tax on residents with over one billion dollars in net assets.

New York S00165 introduces a mark-to-market tax for residents with net assets exceeding one billion dollars. This tax requires individuals to recognize gains or losses as if they sold their assets at fair market value annually. The tax applies to various assets, including stocks, bonds, real property, and more. The tax is phased in over ten years, with annual payments subject to a nondeductible deferral charge. The bill also includes provisions for credits on previously taxed gains and adjustments for taxpayers moving to New York from other states.

New York proposes a billionaire mark-to-market tax on residents with over one billion dollars in net assets.

New York S00165 introduces a mark-to-market tax for residents with net assets exceeding one billion dollars. This tax requires individuals to recognize gains or losses as if they sold their assets at fair market value annually. The tax applies to various assets, including stocks, bonds, real property, and more. The tax is phased in over ten years, with annual payments subject to a nondeductible deferral charge. The bill also includes provisions for credits on previously taxed gains and adjustments for taxpayers moving to New York from other states.