Senate Bill S7091

2015-2016 Legislative Session

Relates to investment management services to a partnership or other entity

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Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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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2015-S7091 (ACTIVE) - Details

See Assembly Version of this Bill:
A9459
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§208, 210, 617, 631 & 632, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S1991, A3554
2019-2020: S303, A3976
2021-2022: S999, A2195
2023-2024: A1415

2015-S7091 (ACTIVE) - Summary

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

2015-S7091 (ACTIVE) - Sponsor Memo

2015-S7091 (ACTIVE) - Bill Text download pdf

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

                                  7091

                            I N  S E N A T E

                             March 23, 2016
                               ___________

Introduced  by  Sen.  KLEIN  -- 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  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.
              

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