New York S04766 creates a tax deduction for certain capital gains from the sale of stock or member interest to an employee-owned enterprise.

New York S04766 amends the tax law to create a tax deduction for capital gains from the sale of stock or member interest from a New York corporation or limited liability company to an employee-owned enterprise. To qualify, the employee-owned enterprise must have its commercial domicile in New York. If the enterprise is an "employee stock ownership plan," it must comply with federal requirements. This act takes effect immediately.

New York S04766 creates a tax deduction for certain capital gains from the sale of stock or member interest to an employee-owned enterprise.

New York S04766 amends the tax law to create a tax deduction for capital gains from the sale of stock or member interest from a New York corporation or limited liability company to an employee-owned enterprise. To qualify, the employee-owned enterprise must have its commercial domicile in New York. If the enterprise is an "employee stock ownership plan," it must comply with federal requirements. This act takes effect immediately.