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S 3340 New York Senate · 2025 Regular Session

Relates to treatment of gains from qualified opportunity zones in calculating taxable income

Summary
Relates to treatment of gains from qualified opportunity zones in calculating taxable income; removes exclusion of gains on property in qualified opportunity zones in calculation of income.
Issues: ✗ Budget & TaxesOpposes Budget & TaxesRemoves exclusion of gains from qualified opportunity zones, increasing taxable income and reducing tax incentives for investors.95% confidence ✗ HousingOpposes HousingRemoves tax exclusion for gains in qualified opportunity zones, reducing investment incentives for housing development in low-income areas. Weakens a key tool for affordable housing projects.92% confidence
Bill status passed 3 of 5 stages cleared
Introduction
Jan 2025
Committee Review
Jun 2026
Senate Passage
Jun 2026
Assembly Passage
Governor
Introduced Jan 27, 2025 Last action Jun 1, 2026
Floor votes · Senate Jun 5, 2025

How they voted

39–21
Passed · 3 other
Total votes 63
Jun 5, 2025
D Democratic41
39 Yea 2
95% Yea
R Republican22
21 Nay 1
95% Nay
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
16
Key actions
2
Committee
6
Jun 1, 2026
Committee
REFERRED TO WAYS AND MEANS
lower
Jun 1, 2026
Upper · Passed
PASSED SENATE
upper
May 28, 2026
Committee
COMMITTEE DISCHARGED AND COMMITTED TO RULES
upper
Jan 7, 2026
Committee
REFERRED TO BUDGET AND REVENUE
upper
Jun 5, 2025
Committee
REFERRED TO WAYS AND MEANS
lower
Jun 5, 2025
Upper · Passed
PASSED SENATE
upper
Feb 11, 2025
Committee
REPORTED AND COMMITTED TO FINANCE
upper
Jan 27, 2025
Committee
REFERRED TO BUDGET AND REVENUE
upper
1 primary · 11 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Mike Gianaris
Mike Gianaris
DDemocratic/Working Families
NY
12
Co
Photo of Brad Hoylman-Sigal
Brad Hoylman-Sigal
DDemocratic/Working Families
NY
47
Co
Photo of Jabari Brisport
Jabari Brisport
DDemocratic/Working Families
NY
25
Co
Photo of James Skoufis
James Skoufis
DDemocratic
NY
42
Co
Photo of Jessica Ramos
Jessica Ramos
DDemocratic/Working Families
NY
13
Co
Photo of Julia Salazar
Julia Salazar
DDemocratic/Working Families
NY
18
Co
Photo of Kevin Parker
Kevin Parker
DDemocratic/Working Families
NY
21
Co
Photo of Lea Webb
Lea Webb
DDemocratic/Working Families
NY
52
Co
Photo of Liz Krueger
Liz Krueger
DDemocratic/Working Families
NY
28
Co
Photo of Pat Fahy
Pat Fahy
DDemocratic
NY
46
Co
Photo of Robert Jackson
Robert Jackson
DDemocratic/Working Families
NY
31