assembly Bill A3554

2017-2018 Legislative Session

Relates to investment management services to a partnership or other entity

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to ways and means
Jan 27, 2017 referred to ways and means

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

view additional multi-sponsors

A3554 - Details

See Senate Version of this Bill:
S1991
Law Section:
Tax Law
Laws Affected:
Amd §§208, 210, 617, 631 & 632, Tax L
Versions Introduced in 2015-2016 Legislative Session:
A9459A, S7091

A3554 - Summary

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

A3554 - Bill Text download pdf

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

                                  3554

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2017
                               ___________

Introduced  by M. of A. AUBRY, BICHOTTE, BRINDISI, FARRELL, RYAN, ORTIZ,
  STIRPE, PICHARDO, M. G. MILLER, MOSLEY, LIFTON, COOK, BLAKE, ABINANTI,
  JAFFEE, HYNDMAN, CAHILL, GOTTFRIED,  HOOPER,  JOYNER,  PEOPLES-STOKES,
  JEAN-PIERRE,  SEPULVEDA,  STECK, ROSENTHAL, FAHY -- Multi-Sponsored by
  -- M. of A.   BARRON, CYMBROWITZ,  DINOWITZ,  GLICK,  HEVESI,  KEARNS,
  LENTOL,  MAGEE,  RAMOS,  SIMON,  SKARTADOS,  THIELE  --  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07791-01-7

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.