New York S10585 imposes a 100% tax on distributions from the federal anti-weaponization fund.

New York S10585 amends the tax law by adding a new section that imposes a 100% tax on distributions from the federal anti-weaponization fund. This tax applies to any payment, distribution, or monetary transfer received by a resident individual, estate, or trust. The tax cannot be reduced by any deduction, exemption, or credit. The federal anti-weaponization fund is defined as the fund established pursuant to the settlement agreement in Trump v. Internal Revenue Service, No. 1:26-cv-20609 (S.D. Fla.). The act takes effect immediately.

New York S10585 imposes a 100% tax on distributions from the federal anti-weaponization fund.

New York S10585 amends the tax law by adding a new section that imposes a 100% tax on distributions from the federal anti-weaponization fund. This tax applies to any payment, distribution, or monetary transfer received by a resident individual, estate, or trust. The tax cannot be reduced by any deduction, exemption, or credit. The federal anti-weaponization fund is defined as the fund established pursuant to the settlement agreement in Trump v. Internal Revenue Service, No. 1:26-cv-20609 (S.D. Fla.). The act takes effect immediately.