A03632

Establishes a billionaire mark-to-market tax for New York residents with net assets of one billion dollars or more.

The bill establishes a billionaire mark-to-market tax for New York residents with net assets worth one billion dollars or more. It requires these residents to recognize gain or loss as if each asset were sold for its fair market value. The resulting net gains are included in the taxpayer's income for the tax year. The bill also mandates the commissioner to amend tax forms and create necessary reporting forms. It includes provisions for adjusting gains or losses, handling credits for prior state taxes, and setting nondeductible deferral charges.