Assembly Bill A5961A

2019-2020 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

2019-A5961 - Details

See Senate Version of this Bill:
S7029
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 1503, Tax L; amd §11-652, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:
S1545

2019-A5961 - Summary

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

2019-A5961 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5961
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 20, 2019
                                ___________
 
 Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
   Committee on Ways and Means
 
 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.

2019-A5961A (ACTIVE) - Details

See Senate Version of this Bill:
S7029
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 1503, Tax L; amd §11-652, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:
S1545

2019-A5961A (ACTIVE) - Summary

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

2019-A5961A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5961--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 20, 2019
                                ___________
 
 Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
   Committee on Ways and Means -- recommitted to the  Committee  on  Ways
   and  Means  in  accordance  with  Assembly Rule 3, sec. 2 -- 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 26 and 27 to read as
 follows:
   (26) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF
 SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE.
   (27) 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 (W) to read as follows:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06682-03-9

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