Senate Bill S8478

2009-2010 Legislative Session

Relates to adjusting the federal adjusted gross income for personal income tax purposes

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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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2009-S8478 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

2009-S8478 (ACTIVE) - Summary

Relates to adjusting the federal adjusted gross income for personal income tax purposes; applies IRC section 1014 as in effect 12/31/2009, not IRC section 1022.

2009-S8478 (ACTIVE) - Sponsor Memo

2009-S8478 (ACTIVE) - Bill Text download pdf 

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

                                  8478

                            I N  S E N A T E

                            September 1, 2010
                               ___________

Introduced  by  Sen.  C. JOHNSON  -- read twice and ordered printed, and
  when printed to be committed to the Committee on Rules

AN ACT to amend the tax  law,  in  relation  to  adjusting  the  federal
  adjusted gross income for personal income tax purposes

  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)  IN  THE  CASE OF A SALE OF PROPERTY ACQUIRED FROM A DECEDENT WHO
DIED AT A TIME WHEN SECTION 1022 OF THE INTERNAL  REVENUE  CODE  APPLIED
FOR  FEDERAL INCOME TAX PURPOSES, THE GAIN OR LOSS ON SUCH SALE SHALL BE
ADJUSTED BY RECALCULATING THE BASIS OF SUCH PROPERTY WITHOUT CONSIDERING
SECTION 1022 OF THE INTERNAL REVENUE CODE AND APPLYING SECTION  1014  OF
THE  INTERNAL REVENUE CODE AS IT WAS IN EFFECT ON DECEMBER THIRTY-FIRST,
TWO THOUSAND NINE.
  S 2. This act shall take effect on the sixtieth  day  after  it  shall
have become a law.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD18092-01-0

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