Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to investigations and government operations |
Mar 10, 2009 |
reported and committed to finance |
Jan 22, 2009 |
referred to investigations and government operations |
Senate Bill S954
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(D) Senate District
(D) Senate District
(D) Senate District
2009-S954 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง612, Tax L
2009-S954 (ACTIVE) - Summary
Allows modifications reducing federal adjusted gross income for the purposes of tax on personal income for amounts considered by the United States internal revenue service to be debt forgiveness regarding the sale by foreclosure proceeding of any taxpayer's primary residence.
2009-S954 (ACTIVE) - Sponsor Memo
BILL NUMBER: S954 TITLE OF BILL : An act to amend the tax law, in relation to allowing modifications reducing federal adjusted gross income for the purposes of tax on personal income PURPOSE OR GENERAL IDEA OF BILL : Provides relief to taxpayers who would otherwise owe additional State Personal Income Tax due to mortgage foreclosure. Adds a New York State Adjusted Gross Income (AGI) exemption when the cancellation of debt due to the mortgage foreclosure on a primary residence would otherwise result in increased State Income Tax liability. SUMMARY OF SPECIFIC PROVISIONS : Amends section 612(c) of the tax law. Section 1 of the bill adds a new paragraph 39 to subsection (c) of section 612 of the tax law. Adds an AGI exemption for debt forgiveness from the sale by foreclosure proceeding of a taxpayer's primary residence. JUSTIFICATION : Currently, if someone defaults on a mortgage and the bank sells the property for less than the mortgage value of the home, the difference
2009-S954 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 954 2009-2010 Regular Sessions I N S E N A T E January 22, 2009 ___________ Introduced by Sens. C. JOHNSON, DIAZ, ONORATO -- read twice and ordered printed, and when printed to be committed to the Committee on Investi- gations and Government Operations AN ACT to amend the tax law, in relation to allowing modifications reducing federal adjusted gross income for the purposes of tax on personal income THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 39 to read as follows: (39) ANY AMOUNT CONSIDERED BY THE UNITED STATES INTERNAL REVENUE SERVICE TO BE DEBT FORGIVENESS, OR REPRESENTING DEBT FORGIVENESS, REGARDING THE SALE BY FORECLOSURE PROCEEDING OF ANY TAXPAYER'S PRIMARY RESIDENCE. S 2. This act shall take effect immediately and shall apply to taxable years beginning on or after the first of January next succeeding the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05965-01-9
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