New York Senate Proposes To Tax Gain On Sale Of Qualified Small Business Stock | Moritt Hock & Hamroff LLP

The New York State Senate has proposed a bill that would tax gain from the sale of Qualified Small Business Stock (“QSBS”) that is currently exempt from income tax federally and in New York State. Under Section 1202 of the Internal Revenue Code (the “Code”) taxpayers may generally exclude up to 100% of the gain from the sale of QSBS within certain limitations, provided that the stock is held for a certain period of time and the corporation that the QSBS relates to satisfies certain requirements

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