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Assembly Bill A2034

2015-2016 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee

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2015-A2034 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A140
2013-2014: A3013

2015-A2034 (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.

2015-A2034 (ACTIVE) - Bill Text download pdf 

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

                                  2034

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2015
                               ___________

Introduced  by  M.  of  A.  McDONOUGH,  McKEVITT, MONTESANO, SALADINO --
  Multi-Sponsored by -- M.  of A. CROUCH, KATZ, THIELE -- read once  and
  referred to the Committee on Ways and Means

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 42 to read as follows:
  (42) 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.
                                                           LBD03512-01-5

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