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Bill

A 676

Imposes an additional tax on income attributable to long-term capital gain

2025 Regular Session Introduced by Rodneyse Bichotte Hermelyn and 23 co-sponsors

Imposes an additional tax on income from long-term capital gains, shifting more tax burden onto investors and raising state revenue (rate/exemptions TBD).

REFERRED TO WAYS AND MEANS
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WeVote Research Nonpartisan
Bill Summary · A 676

Bill Summary: A 676 – Imposes an additional tax on income attributable to long-term capital gain

At a glance

  • Bill number: A 676
  • Title: Imposes an additional tax on income attributable to long-term capital gain
  • Status: Referred to Ways and Means
  • Introduced: January 8, 2025
  • Classification: bill

Purpose and intent

A 676 proposes an additional tax on income that is attributable to long-term capital gains. The bill appears targeted at individuals with long-term investment gains and seeks to raise state revenue by applying an extra tax to that component of income. The exact rate, thresholds, and any exemptions or mapping rules would be defined in the full text of the bill, which is not provided here.

Key provisions (as stated)

  • Imposes an additional tax on income attributable to long-term capital gains.
  • The text we have does not specify the rate, brackets, or exemptions; those details would be in the bill’s actual language.
  • The bill is designed to affect taxpayers whose income includes long-term capital gains (typically gains from assets held longer than a year).

Affected parties and stakeholders

  • Primary effect: taxpayers with long-term capital gains, potentially including high-earnings individuals and investors.
  • Tax administration: state Department of Taxation or equivalent agency would implement, collect, and enforce the new tax.
  • Revenue considerations: the measure would generate additional state revenue, subject to the specific rate and structural details.

Procedural and timeline aspects

  • Introduced and referred to the Assembly Ways and Means committee on January 8, 2025.
  • No further action listed in the materials provided. As a Ways and Means referral, the bill’s next steps would typically include committee hearings, potential amendments, and floor votes in the Assembly, followed by consideration in the Senate if it advances.

Related and companion measures

  • Related bills from prior sessions: A 2576 and A 3352.
  • Companion bills in the Senate: S 1439 (listed as a companion).
  • The presence of companion bills in both chambers signals cross-chamber interest and potential parallel tracking.

Sponsors

  • Primary sponsor: Ron Kim
  • Cosponsors (selected examples): Sarahana Shrestha, Nader Sayegh, MaryJane Shimsky, Chantel Jackson, Linda Rosenthal, Dana Levenberg, Demond Meeks, William Colton, Jessica Gonzalez-Rojas, Maritza Davila, Rebecca Seawright, Zohran Mamdani, Catalina Cruz, Claire Valdez, Robert C. Carroll, Tony Simone, Phara Souffrant Forrest, Rodneyse Bichotte Hermelyn, Steven Raga, Al Taylor, Karines Reyes, Harvey Epstein, Anna Kelles, with numerous others listed as cosponsors.

Potential impact and considerations

  • Revenue: If enacted, the bill would increase state revenue by taxing long-term capital gains at an additional rate; the magnitude depends on the rate and any applicable exemptions.
  • Economic effect: Could influence investor behavior and capital gains realization, depending on the final structure, rates, and exemptions—though projections would require the bill’s specific provisions.
  • Legislative trajectory: As a Ways and Means referral, the bill’s fate will depend on committee review, potential amendments, and floor votes in the Assembly, followed by Senate consideration and gubernatorial action.

Note: For a complete understanding, the authorized text of A 676 (including rate, definitions, exemptions, and administration details) should be consulted.

Compiled from official sources — confirm details with the bill’s official record.

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