senate Bill S4740A

2013-2014 Legislative Session

Allows the subtraction from adjusted gross income of gambling losses incurred during a taxable year for state personal income tax purposes

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 21, 2014 print number 4740a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
Apr 19, 2013 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

S4740 - Bill Details

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

S4740 - Bill Texts

view summary

Allows the subtraction from adjusted gross income of gambling losses incurred during a taxable year for state personal income tax purposes.

view sponsor memo
BILL NUMBER:S4740

TITLE OF BILL: An act to amend the tax law, in relation to allowing
the subtraction from adjusted gross income of gambling losses incurred
during a taxable year for state personal income tax purposes

PURPOSE:

Would allow all New York taxpayers, regardless of income, to deduct
gambling losses from their Federal Adjusted Gross Income which is used
as the basis for calculating New York taxable income and taxes thereby
decreasing their NY taxable income.

SUMMARY OF PROVISIONS:

Section 1 allows New York personal income tax filers to deduct the
entire amount of incurred gambling loses regardless of income.

Section 2 sets forth the effective date. JUSTIFICATION:

Certain New York taxpayers, because of their income, either cannot
deduct or cannot filly deduct the totality of their gambling loses on
their New York State Personal Income Tax Submission to the NYS
Department of Taxation and Finance. This current situation is unfair
and should be remedied.

LEGISLATIVE HISTORY:

New bill

FISCAL IMPLICATIONS:

To be determined

EFFECTIVE DATE:

Immediately

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

                                  4740

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 19, 2013
                               ___________

Introduced  by  Sen. ADDABBO -- 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  allowing  the  subtraction
  from  adjusted gross income of gambling losses incurred during a taxa-
  ble year for state 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 40 to read as follows:
  (40) GAMBLING LOSSES INCURRED DURING A TAXABLE YEAR.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2013.







 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10312-01-3

S4740A (ACTIVE) - Bill Details

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

S4740A (ACTIVE) - Bill Texts

view summary

Allows the subtraction from adjusted gross income of gambling losses incurred during a taxable year for state personal income tax purposes.

view sponsor memo
BILL NUMBER:S4740A

TITLE OF BILL: An act to amend the tax law, in relation to allowing
the subtraction from adjusted gross income of gambling losses incurred
during a taxable year for state personal income tax purposes

PURPOSE:

Would allow all New York taxpayers, regardless of income, to deduct
gambling losses from their Federal Adjusted Gross Income which is used
as the basis for calculating New York taxable income and taxes thereby
decreasing their NY taxable income.

SUMMARY OF PROVISIONS:

Section 1 allows New York personal income tax filers to deduct the
entire amount of incurred gambling loses regardless of income.

Section 2 sets forth the effective date.

JUSTIFICATION:

Certain New York taxpayers, because of their income, either cannot
deduct or cannot fully deduct the totality of their gambling losses on
their New York State Personal Income Tax Submission to the NYS
Department of Taxation and Finance. This current situation is unfair
and should be remedied.

LEGISLATIVE HISTORY:

S. 4740 - Referred to Investigations and Government Operations.

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

Immediately.

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

                                 4740--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 19, 2013
                               ___________

Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations -- recommitted to the Committee on Investigations  and
  Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN  ACT  to  amend  the tax law, in relation to allowing the subtraction
  from adjusted gross income of gambling losses incurred during a  taxa-
  ble year for state 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 41 to read as follows:
  (41) GAMBLING LOSSES INCURRED DURING A TAXABLE YEAR.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2014.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10312-02-4

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