Senate Bill S8402

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    S. 8402                                                 A. 11585

                      S E N A T E - A S S E M B L Y

                              June 28, 2010
                               ___________

IN  SENATE -- Introduced by Sen. KRUGER -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Finance

IN ASSEMBLY -- Introduced  by  COMMITTEE  ON  RULES  --  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 itemized deductions for  charitable  contrib-
  utions;  and  to  amend a chapter of the laws of 2010 amending the tax
  law relating to limiting itemized deductions for certain taxpayers and
  determining the amount of estimated tax installments to  be  paid,  as
  proposed  in  legislative  bill  numbers  S.6610-B  and  A.9710-C,  in
  relation to authorizing the governing body of a city of one million or
  more to opt out of certain provisions thereof

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph  1  of subsection (g) of section 615 of the tax
law, as added by section 3 of part HH of a chapter of the laws  of  2010
amending  the  tax  law  relating  to  limiting  itemized deductions for
certain taxpayers and determining the amount of estimated  tax  install-
ments  to  be paid, as proposed in legislative bill numbers S.6610-B and
A.9710-C, is amended to read as follows:
  (1) With respect to an individual whose New York adjusted gross income
is over one million dollars and no more than ten  million  dollars,  the
New York itemized deduction shall be an amount equal to fifty percent of
any  charitable contribution deduction allowed under section one hundred
seventy of the internal revenue code for taxable years  beginning  after
two thousand [eight] NINE AND BEFORE TWO THOUSAND THIRTEEN. WITH RESPECT
TO  AN  INDIVIDUAL  WHOSE  NEW  YORK  ADJUSTED  GROSS INCOME IS OVER ONE
MILLION DOLLARS, THE NEW YORK ITEMIZED  DEDUCTION  SHALL  BE  AN  AMOUNT
EQUAL  TO FIFTY PERCENT OF ANY CHARITABLE CONTRIBUTION DEDUCTION ALLOWED
UNDER SECTION ONE HUNDRED SEVENTY OF THE INTERNAL REVENUE CODE FOR TAXA-
BLE YEARS BEGINNING IN TWO THOUSAND NINE OR AFTER TWO THOUSAND TWELVE.
  S 2. Paragraph 1 of subdivision (g) of section 11-1715 of the adminis-
trative code of the city of New York, as added by section 7 of  part  HH

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

                                                           LBD17937-01-0

S. 8402                             2                           A. 11585

of a chapter of the laws of 2010 amending the tax law relating to limit-
ing itemized deductions for certain taxpayers and determining the amount
of  estimated  tax  installments  to be paid, as proposed in legislative
bill numbers S.6610-B and A.9710-C, is amended to read as follows:
  (1) With respect to an individual whose New York adjusted gross income
is  over  one  million dollars but no more than ten million dollars, the
New York itemized deduction shall be an amount equal to fifty percent of
any charitable contribution deduction allowed under section one  hundred
seventy  of  the internal revenue code for taxable years beginning after
two thousand [eight] NINE AND BEFORE TWO THOUSAND THIRTEEN. WITH RESPECT
TO AN INDIVIDUAL WHOSE NEW  YORK  ADJUSTED  GROSS  INCOME  IS  OVER  ONE
MILLION  DOLLARS,  THE  NEW  YORK  ITEMIZED DEDUCTION SHALL BE AN AMOUNT
EQUAL TO FIFTY PERCENT OF ANY CHARITABLE CONTRIBUTION DEDUCTION  ALLOWED
UNDER SECTION ONE HUNDRED SEVENTY OF THE INTERNAL REVENUE CODE FOR TAXA-
BLE YEARS BEGINNING IN TWO THOUSAND NINE OR AFTER TWO THOUSAND TWELVE.
  S  3.  Part  HH  of a chapter of the laws of 2010 amending the tax law
relating to limiting  itemized  deductions  for  certain  taxpayers  and
determining  the  amount  of  estimated  tax installments to be paid, as
proposed in legislative bill numbers S.6610-B and A.9710-C,  is  amended
by adding a new section 9-a to read as follows:
  S  9-A. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, THE GOVERNING BODY
OF A CITY OF ONE MILLION OR MORE MAY ELECT NOT TO IMPOSE THE  LIMITATION
ON CHARITABLE CONTRIBUTIONS AS PROVIDED FOR IN SECTIONS FIVE, SIX, SEVEN
AND EIGHT OF THIS ACT.
  S 4. This act shall take effect on the same date as part HH of a chap-
ter  of the laws of 2010 amending the tax law relating to limiting item-
ized deductions for certain taxpayers  and  determining  the  amount  of
estimated  tax  installments to be paid, as proposed in legislative bill
numbers S.6610-B and A.9710-C, takes effect.