Senate Bill S9030A

2017-2018 Legislative Session

Relates to additional exclusions for entire net income

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Archive: Last Bill Status - In Assembly 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

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Bill Amendments

2017-S9030 - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 1503, Tax L; amd §11-652, NYC Ad Cd

2017-S9030 - Summary

Relates to additional exclusions for entire net income; includes deductions pursuant to IRC section 163.

2017-S9030 - Sponsor Memo

2017-S9030 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9030
 
                             I N  S E N A T E
 
                               June 14, 2018
                                ___________
 
 Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law and the administrative code of the  city  of
   New York, in relation to exclusions of the entire net income
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph (b) of subdivision 9 of section 208  of  the  tax
 law  is  amended  by  adding  two new subparagraphs 25 and 26 to read as
 follows:
   (25) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF
 SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE.
   (26) ANY AMOUNT DEDUCTED BY REASON OF A CARRY  FORWARD  OF  DISALLOWED
 BUSINESS INTEREST PURSUANT TO PARAGRAPH TWO OF SUBSECTION (J) OF SECTION
 163 OF THE INTERNAL REVENUE CODE.
   §  2.  Subparagraph  21  of  paragraph (b) of subdivision 8 of section
 11-652 of the administrative code of the city of New York, as  added  by
 section 3-a of part KK of chapter 59 of the laws of 2018, is amended and
 two new subparagraphs 22 and 23 are added to read as follows:
   (21)  the  amount of any federal deduction allowed pursuant to section
 250(a)(1)(A) of the internal revenue code[.];
   (22) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF
 SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE;
   (23) ANY AMOUNT DEDUCTED BY REASON OF A CARRY  FORWARD  OF  DISALLOWED
 BUSINESS INTEREST PURSUANT TO PARAGRAPH TWO OF SUBSECTION (J) OF SECTION
 163 OF THE INTERNAL REVENUE CODE.
   § 3. This act shall take effect immediately and apply to taxable years
 beginning on or after January 1, 2018.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD16213-02-8



              

2017-S9030A (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 1503, Tax L; amd §11-652, NYC Ad Cd

2017-S9030A (ACTIVE) - Summary

Relates to additional exclusions for entire net income; includes deductions pursuant to IRC section 163.

2017-S9030A (ACTIVE) - Sponsor Memo

2017-S9030A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9030--A
 
                             I N  S E N A T E
 
                               June 14, 2018
                                ___________
 
 Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
   printed to be  committed  to  the  Committee  on  Rules  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN  ACT  to amend the tax law and the administrative code of the city of
   New York, in relation to exclusions of the entire net income

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph  (b) of subdivision 9 of section 208 of the tax
 law is amended by adding two new subparagraphs 25  and  26  to  read  as
 follows:
   (25) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF
 SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE.
   (26)  ANY  AMOUNT  DEDUCTED BY REASON OF A CARRY FORWARD OF DISALLOWED
 BUSINESS INTEREST PURSUANT TO PARAGRAPH TWO OF SUBSECTION (J) OF SECTION
 163 OF THE INTERNAL REVENUE CODE.
   § 2. Subparagraph 21 of paragraph (b)  of  subdivision  8  of  section
 11-652  of  the administrative code of the city of New York, as added by
 section 3-a of part KK of chapter 59 of the laws of 2018, is amended and
 two new subparagraphs 22 and 23 are added to read as follows:
   (21) the amount of any federal deduction allowed pursuant  to  section
 250(a)(1)(A) of the internal revenue code[.];
   (22) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF
 SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE;
   (23)  ANY  AMOUNT  DEDUCTED BY REASON OF A CARRY FORWARD OF DISALLOWED
 BUSINESS INTEREST PURSUANT TO PARAGRAPH TWO OF SUBSECTION (J) OF SECTION
 163 OF THE INTERNAL REVENUE CODE.
   § 3. Paragraph 1 of subdivision (b) of section 1503 of the tax law  is
 amended by adding a new subparagraph (T) to read as follows:
   (T)  THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF
 SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE.
   § 4. Paragraph 2 of subdivision (b) of section 1503 of the tax law  is
 amended by adding a new subparagraph (Y) to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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