Relates to creating a separate tax on inheritance income, creating a separate tax on gift income, the computation of the estate tax, and creating a gift tax.
Establishes the "New York public banking act"; authorizes municipal and other local governments to form and control public banks through the ownership of capital stock or other ownership interests, and to loan or grant public funds or lend public credit to such public banks for the public purposes of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.
Provides that no incarcerated individual in any state or local prison, penitentiary, jail or reformatory shall be compelled or induced to provide labor against their will.
Eliminates criminal and civil penalties for possession of controlled substances; establishes the drug decriminalization task force to develop recommendations for reforming state laws, regulations and practices so that they align with the stated goal of treating substance use disorder as a disease, rather than a criminal behavior.
Relates to the disclosure of beneficial owners of limited liability companies and foreign limited liability companies and certain information about such beneficial owners; requires the secretary of state to maintain a public database of all business entities organized in the state and all foreign business entities with authority to do business in the state.
Relates to the regulation of street vendors in cities with a population of one million or more by authorizing such cities to adopt a program to regulate street vendors; requires street vendors to obtain a permit; provides for penalties for failure to comply with such regulations.
Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; imposes an additional tax on individual business income in response to federal tax benefits for pass-through business income.
Requires the disclosure of insurance information, including the name of the insurance company, the amount of coverage and what is covered under their plan, on permit applications for the construction of pipelines upon any freshwater wetlands.
Establishes the "tenant opportunity to purchase act"; prevents the displacement of lower-income tenants in New York and preserves affordable housing by providing an opportunity for tenants to own or remain renters in the properties in which they reside.