New York S03340 removes the exclusion of gains on property in qualified opportunity zones in calculating taxable income.

New York S03340 amends the tax law to remove the exclusion of gains on property in qualified opportunity zones in calculating taxable income. This change applies to tax years beginning on or after January 1, 2026. The bill modifies the tax law to ensure that the basis of property in qualified opportunity zones is determined as if the taxpayer had not made the election under section 1400Z-2 of the Internal Revenue Code. This amendment affects taxpayers who have invested in qualified opportunity zones and will impact their tax calculations moving forward.

New York S03340 removes the exclusion of gains on property in qualified opportunity zones in calculating taxable income.

New York S03340 amends the tax law to remove the exclusion of gains on property in qualified opportunity zones in calculating taxable income. This change applies to tax years beginning on or after January 1, 2026. The bill modifies the tax law to ensure that the basis of property in qualified opportunity zones is determined as if the taxpayer had not made the election under section 1400Z-2 of the Internal Revenue Code. This amendment affects taxpayers who have invested in qualified opportunity zones and will impact their tax calculations moving forward.