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Assembly Bill A4889

2015-2016 Legislative Session

Excludes certain interest and dividend payments from personal income tax

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Archive: Last Bill Status - In Assembly Committee

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2015-A4889 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6303
2011-2012: A6632
2013-2014: A4635
2017-2018: A5696

2015-A4889 (ACTIVE) - Summary

Excludes from calculation of gross personal income tax any interest and dividends not in excess of $20,000 for taxpayers who do not take an adjustment with respect to pension income.

2015-A4889 (ACTIVE) - Bill Text download pdf 

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

                                  4889

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 9, 2015
                               ___________

Introduced  by  M. of A. CURRAN, FINCH -- Multi-Sponsored by -- M. of A.
  HAWLEY -- read once and referred to the Committee on Ways and Means

AN ACT to amend the tax law, in  relation  to  granting  a  modification
  reducing  federal  adjusted  gross  income  for  interest and dividend
  income in certain cases for purposes of the personal income tax

  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 3-d to read as follows:
  (3-D)  INTEREST AND DIVIDEND INCOME, TO THE EXTENT INCLUDIBLE IN GROSS
INCOME FOR FEDERAL INCOME TAX PURPOSES, NOT IN EXCESS OF TWENTY THOUSAND
DOLLARS PAID DURING THE TAXABLE YEAR TO A TAXPAYER WHO IS NOT  QUALIFIED
TO  TAKE  A MODIFICATION REDUCING FEDERAL ADJUSTED GROSS INCOME PURSUANT
TO PARAGRAPH  THREE-A OF THIS SUBSECTION.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2015.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08060-01-5

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