Do you support this bill?

Assembly Bill A5696

2017-2018 Legislative Session

Excludes certain interest and dividend payments from personal income tax

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

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

co-Sponsors

multi-Sponsors

2017-A5696 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6303
2011-2012: A6632
2013-2014: A4635
2015-2016: A4889

2017-A5696 (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.

2017-A5696 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5696
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 14, 2017
                                ___________
 
 Introduced by M. of A. CURRAN, CASTORINA, 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.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2017.
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08528-01-7



              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. 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.

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