Senate Bill S303

2019-2020 Legislative Session

Relates to investment management services to a partnership or other entity

download bill text pdf

Sponsored By

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

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2019-S303 (ACTIVE) - Details

See Assembly Version of this Bill:
A3976
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§208, 210, 617, 631 & 632, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7091, A9459
2017-2018: S1991, A3554
2021-2022: S999, A2195
2023-2024: A1415

2019-S303 (ACTIVE) - Summary

Relates to investment management services to a partnership or other entity.

2019-S303 (ACTIVE) - Sponsor Memo

2019-S303 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    303
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 9, 2019
                                ___________
 
 Introduced  by  Sen. HOYLMAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to amend the  tax  law,  in  relation  to  investment  management
   services to a partnership or other entity

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (a) of subdivision 6 of section 208  of  the  tax
 law,  as  amended  by  section  5 of part T of chapter 59 of the laws of
 2015, is amended to read as follows:
   (a) (i) The term "investment income" means income,  including  capital
 gains  in  excess  of  capital  losses,  from investment capital, to the
 extent included in  computing  entire  net  income,  less,  (A)  in  the
 discretion  of  the  commissioner,  any interest deductions allowable in
 computing entire net income which are directly or  indirectly  attribut-
 able to investment capital or investment income, (B) ANY OF CAPITAL GAIN
 INCLUDED  IN  FEDERAL  TAXABLE INCOME THAT HAS TO BE RE-CHARACTERIZED AS
 BUSINESS INCOME PURSUANT TO PARAGRAPH (U) OF SUBDIVISION  NINE  OF  THIS
 SECTION;  provided,  however,  that  in  no case shall investment income
 exceed entire net income. (ii) If  the  amount  of  interest  deductions
 subtracted  under  subparagraph (i) of this paragraph exceeds investment
 income, the excess of such amount over investment income must  be  added
 back  to  entire  net  income. (iii) If the taxpayer's investment income
 determined without regard to the interest  deductions  subtracted  under
 subparagraph  (i) of this paragraph comprises more than eight percent of
 the taxpayer's entire net income, investment income  determined  without
 regard  to  such  interest deductions cannot exceed eight percent of the
 taxpayer's entire net income.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05825-01-9
              

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