assembly Bill A9459A

2015-2016 Legislative Session

Relates to investment management services to a partnership or other entity

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Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 22, 2016 print number 9459a
Mar 22, 2016 amend and recommit to ways and means
Mar 04, 2016 referred to ways and means

Co-Sponsors

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Multi-Sponsors

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A9459 - Details

See Senate Version of this Bill:
S7091
Law Section:
Tax Law
Laws Affected:
Amd §§208, 210, 617, 631 & 632, Tax L

A9459 - Summary

Relates to investment management services to a partnership or other entity.

A9459 - Bill Text download pdf

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

                                  9459

                          I N  A S S E M B L Y

                              March 4, 2016
                               ___________

Introduced  by  M.  of  A.  AUBRY,  BICHOTTE,  BRINDISI -- read once and
  referred to the Committee on Ways and Means

AN ACT to amend the  tax  law,  in  relation  to  investment  management
  services to a partnership or other entity

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

  Section 1. Paragraph (a) of subdivision 6 of section 208  of  the  tax
law,  as  amended  by  section  5 of part T of chapter 59 of the laws of
2015, is amended to read as follows:
  (a) (i) The term "investment income" means income,  including  capital
gains  in  excess  of  capital  losses,  from investment capital, to the
extent included in  computing  entire  net  income,  less,  (A)  in  the
discretion  of  the  commissioner,  any interest deductions allowable in
computing entire net income which are directly or  indirectly  attribut-
able to investment capital or investment income, (B) ANY OF CAPITAL GAIN
INCLUDED  IN  FEDERAL  TAXABLE  INCOME THAT HAS TO BE RECHARACTERIZED AS
BUSINESS INCOME PURSUANT TO PARAGRAPH (U) OF SUBDIVISION  NINE  OF  THIS
SECTION;  provided,  however,  that  in  no case shall investment income
exceed entire net income. (ii) If  the  amount  of  interest  deductions
subtracted  under  subparagraph (i) of this paragraph exceeds investment
income, the excess of such amount over investment income must  be  added
back  to  entire  net  income. (iii) If the taxpayer's investment income
determined without regard to the interest  deductions  subtracted  under
subparagraph  (i) of this paragraph comprises more than eight percent of
the taxpayer's entire net income, investment income  determined  without
regard  to  such  interest deductions cannot exceed eight percent of the
taxpayer's entire net income.
  S 2. Subparagraph (ix) of paragraph (a) of subdivision  1  of  section
210  of  the  tax  law  is  amended  by adding a new clause 8 to read as
follows:
  (8) THE NET OPERATING LOSS DEDUCTION ALLOWED UNDER SECTION ONE HUNDRED
SEVENTY-TWO OF THE INTERNAL REVENUE CODE  SHALL  FOR  PURPOSES  OF  THIS
PARAGRAPH  BE  DETERMINED TAKING INTO CONSIDERATION THE RE-CHARACTERIZA-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14325-02-6

Co-Sponsors

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Multi-Sponsors

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A9459A (ACTIVE) - Details

See Senate Version of this Bill:
S7091
Law Section:
Tax Law
Laws Affected:
Amd §§208, 210, 617, 631 & 632, Tax L

A9459A (ACTIVE) - Summary

Relates to investment management services to a partnership or other entity.

A9459A (ACTIVE) - Bill Text download pdf

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

                                 9459--A

                          I N  A S S E M B L Y

                              March 4, 2016
                               ___________

Introduced  by M. of A. AUBRY, BICHOTTE, BRINDISI, FARRELL, RYAN, ORTIZ,
  STIRPE, PICHARDO,  MILLER,  MOSLEY,  LIFTON,  COOK,  BLAKE,  ABINANTI,
  JAFFEE,  HYNDMAN,  CAHILL,  GOTTFRIED, HOOPER, JOYNER, PEOPLES-STOKES,
  JEAN-PIERRE -- Multi-Sponsored by -- M. of A. BARRON, BRENNAN,  DINOW-
  ITZ, GLICK, HEVESI, KEARNS, LENTOL, MAGEE, MARKEY, NOLAN, SIMON, SKAR-
  TADOS,  THIELE  -- read once and referred to the Committee on Ways and
  Means -- committee discharged,  bill  amended,  ordered  reprinted  as
  amended and recommitted to said committee

AN  ACT  to  amend  the  tax  law,  in relation to investment management
  services to a partnership or other entity

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

  Section  1.  Paragraph  (a) of subdivision 6 of section 208 of the tax
law, as amended by section 5 of part T of chapter  59  of  the  laws  of
2015, is amended to read as follows:
  (a)  (i)  The term "investment income" means income, including capital
gains in excess of capital  losses,  from  investment  capital,  to  the
extent  included  in  computing  entire  net  income,  less,  (A) in the
discretion of the commissioner, any  interest  deductions  allowable  in
computing  entire  net income which are directly or indirectly attribut-
able to investment capital or investment income, (B) ANY OF CAPITAL GAIN
INCLUDED IN FEDERAL TAXABLE INCOME THAT HAS  TO  BE  RECHARACTERIZED  AS
BUSINESS  INCOME  PURSUANT  TO PARAGRAPH (U) OF SUBDIVISION NINE OF THIS
SECTION; provided, however, that in  no  case  shall  investment  income
exceed  entire  net  income.  (ii)  If the amount of interest deductions
subtracted under subparagraph (i) of this paragraph  exceeds  investment
income,  the  excess of such amount over investment income must be added
back to entire net income. (iii) If  the  taxpayer's  investment  income
determined  without  regard  to the interest deductions subtracted under
subparagraph (i) of this paragraph comprises more than eight percent  of
the  taxpayer's  entire net income, investment income determined without
regard to such interest deductions cannot exceed eight  percent  of  the
taxpayer's entire net income.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14325-03-6

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