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Assembly Bill A6721A

2017-2018 Legislative Session

Relates to excluding from federal adjusted gross income the amount of any money or the value of any medals awarded certain olympians and paralympians

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2017-A6721 - Details

See Senate Version of this Bill:
S5243
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A5910, S823

2017-A6721 - Summary

Relates to excluding from federal adjusted gross income the amount of any money or the value of any medals awarded to olympians or paralympians earning a maximum of three hundred thousand dollars annually.

2017-A6721 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 5243                                                  A. 6721
 
                        2017-2018 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                              March 16, 2017
                                ___________
 
 IN  SENATE  --  Introduced  by  Sens. BOYLE, MARCHIONE -- read twice and
   ordered printed, and when printed to be committed to the Committee  on
   Investigations and Government Operations
 
 IN  ASSEMBLY  --  Introduced  by  M.  of A. MALLIOTAKIS -- read once and
   referred to the Committee on Ways and Means

 AN ACT to amend the tax law,  in  relation  to  excluding  from  federal
   adjusted  gross  income the amount of any money or the value of medals
   awarded to olympians earning  a  maximum  of  three  hundred  thousand
   dollars annually
 
   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 42 to read as follows:
   (42) THE AMOUNT OF ANY MONEY AND/OR THE VALUE OF ANY MEDALS AWARDED TO
 AN  OLYMPIAN EARNING A MAXIMUM OF THREE HUNDRED THOUSAND DOLLARS ANNUAL-
 LY.
   § 2. This act shall take effect immediately and shall be applicable 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.
                                                            LBD07788-02-7

co-Sponsors

2017-A6721A (ACTIVE) - Details

See Senate Version of this Bill:
S5243
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A5910, S823

2017-A6721A (ACTIVE) - Summary

Relates to excluding from federal adjusted gross income the amount of any money or the value of any medals awarded to olympians or paralympians earning a maximum of three hundred thousand dollars annually.

2017-A6721A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 5243--A                                            A. 6721--A
     Cal. No. 292
 
                        2017-2018 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                              March 16, 2017
                                ___________
 
 IN  SENATE  --  Introduced  by  Sens. BOYLE, MARCHIONE -- read twice and
   ordered printed, and when printed to be committed to the Committee  on
   Investigations and Government Operations -- recommitted to the Commit-
   tee  on  Investigations  and  Government Operations in accordance with
   Senate Rule 6, sec. 8  --  reported  favorably  from  said  committee,
   ordered  to  first  and  second  report,  ordered  to a third reading,
   amended and ordered reprinted, retaining its place  in  the  order  of
   third reading
 
 IN  ASSEMBLY  --  Introduced  by  M.  of A. MALLIOTAKIS -- read once and
   referred to the Committee on Ways and  Means  --  recommitted  to  the
   Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted to said committee
 
 AN ACT to amend the tax law,  in  relation  to  excluding  from  federal
   adjusted  gross  income the amount of any money or the value of medals
   awarded to olympians  or  paralympians  earning  a  maximum  of  three
   hundred thousand dollars annually

   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 44 to read as follows:
   (44) THE AMOUNT OF ANY MONEY AND/OR THE VALUE OF ANY MEDALS AWARDED TO
 AN  OLYMPIAN  OR PARALYMPIAN EARNING A MAXIMUM OF THREE HUNDRED THOUSAND
 DOLLARS ANNUALLY TO THE EXTENT INCLUDABLE IN GROSS  INCOME  FOR  FEDERAL
 INCOME TAXATION PURPOSES.
   § 2. This act shall take effect immediately and shall be applicable to
 taxable years beginning on and after January 1, 2018.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07788-04-8

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