Vote: Floor vote
NY SenateJun 1, 2026Result: passed
(38) (22) (0) (3)
Senate bill · S3340 (2025-26)
Relates to treatment of gains from qualified opportunity zones in calculating taxable income
Latest action Jun 1, 2026
New York State Senate
Same as A3246, the matching bill in the Assembly.
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.
Summary from NY Open Legislation. How we handle summaries
Amends the Tax Law.
From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Nov 1, 2026. About our data
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Purpose, from the sponsor's memo
To fully decouple NYS and NYC from the federal Opportunity Zone tax code.
Filed with the bill. Read it on nysenate.gov (opens in a new tab)
Where it stands
Passed one of the two chambers; it still needs the other.
- Introduced
- In committee
- Up for a vote
- Passed one chamber
- Passed
- Enacted
Committee
Budget And Revenue · New York State Senate
Also referred to Ways and Means · New York State Assembly.
Cosponsors
Albert A. Stirpe, Alex Bores and 49 more on Agora
Showing the cosponsors who are on Agora, A to Z. The official record may list more.
Read on NY Senate (opens in a new tab)- Democratic51
Shown in neutral colors by design; Agora is non-partisan.
- Albert A. Stirpe
- Alex Bores
- Amanda Septimo
- Amy Paulin
- Andrew Hevesi
- Anna Kelles
- Brian Cunningham
- Catalina Cruz
- Charles Lavine
- Chris Burdick
- Christopher Eachus
- Dana Levenberg
Show the full list (51 names)Show fewer cosponsors
- Deborah Glick
- Demond Meeks
- Diana Moreno
- Emerita Torres
- Emily Gallagher
- Grace Lee
- Jabari Brisport
- James Skoufis
- Jessica Gonzalez-Rojas
- Jessica Ramos
- Jo Anne Simon
- Julia Salazar
- Karines Reyes
- Kevin S. Parker
- Khaleel Anderson
- Lea Webb
- Linda Rosenthal
- Liz Krueger
- Marcela Mitaynes
- MaryJane Shimsky
- Micah Lasher
- Michaelle C. Solages
- Patricia Fahy
- Patrick J. Carroll
- Phara Souffrant Forrest
- Phil Steck
- Rebecca Seawright
- Robert C. Carroll
- Robert Jackson
- Ron Kim
- Sarah Clark
- Sarahana Shrestha
- Steven Otis
- Steven Raga
- Toby Ann Stavisky
- Tommy Schiavoni
- Tony Simone
- William Conrad
- Yudelka Tapia
The sponsor's argument
Why Michael Gianaris says this is needed
The FY21 New York State Budget partially decoupled the NYS and NYC tax laws from the federal Opportunity Zone program, which will save the state hundreds of millions of dollars. However, it is imperative that the Exclusion (10 year) Benefit also be decoupled. Although this benefit has had no fiscal impact to the State for several years, it is imper- ative that we fully decouple the program from our state's tax laws now.
This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.
Recorded votes
Vote: Committee vote · Rules
Senate RulesMay 28, 2026Result: passed
(14) (7) (0) (0)Vote: Floor vote
NY SenateJun 5, 2025Result: passed
(39) (21) (0) (3)Vote: Committee vote · Finance
Senate FinanceMay 20, 2025Result: passed
(15) (7) (0) (0)Vote: Committee vote · Budget And Revenue
Senate Budget And RevenueFeb 11, 2025Result: passed
(5) (2) (0) (0)
Full history
- Jun 1, 2026
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
- Jun 1, 2026
Passed a chamber
PASSED SENATE
NY Senate
- Jun 1, 2026
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly
- May 28, 2026
In committee
COMMITTEE DISCHARGED AND COMMITTED TO RULES
NY Senate
- May 28, 2026
Ordered to Third Reading CAL.1352
ORDERED TO THIRD READING CAL.1352
NY Senate
Show full history (12 earlier events)Show less history
- Jan 7, 2026
Died in Assembly
DIED IN ASSEMBLY
NY Assembly
- Jan 7, 2026
Referred to committee
REFERRED TO BUDGET AND REVENUE
NY Senate
- Jan 7, 2026
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly
- Jun 5, 2025
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
- Jun 5, 2025
Passed a chamber
PASSED SENATE
NY Senate
- Jun 5, 2025
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly
- May 22, 2025
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
- May 21, 2025
2ND Report CAL.
2ND REPORT CAL.
NY Senate
- May 20, 2025
1ST Report CAL.1220
1ST REPORT CAL.1220
NY Senate
- Feb 11, 2025
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate
- Jan 27, 2025
Referred to committee
REFERRED TO BUDGET AND REVENUE
NY Senate
- Jan 27, 2025
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly