New York bill S01439 proposes an additional tax on income from long-term capital gains.

New York bill S01439 amends the tax law by imposing an additional tax on income attributable to long-term capital gains. This tax applies to various categories of taxpayers, including married individuals filing jointly, heads of household, and estates and trusts. The tax rates vary based on income thresholds, with a phase-in approach for certain income brackets. The additional tax is administered similarly to existing taxes, with the Department of Taxation and Finance allowed to adopt necessary rules and regulations. The bill takes effect immediately upon enactment.

New York bill S01439 proposes an additional tax on income from long-term capital gains.

New York bill S01439 amends the tax law by imposing an additional tax on income attributable to long-term capital gains. This tax applies to various categories of taxpayers, including married individuals filing jointly, heads of household, and estates and trusts. The tax rates vary based on income thresholds, with a phase-in approach for certain income brackets. The additional tax is administered similarly to existing taxes, with the Department of Taxation and Finance allowed to adopt necessary rules and regulations. The bill takes effect immediately upon enactment.