senate Bill S1991

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 Senate Investigations And Government Operations Committee


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

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

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.
Use this box to enter a message to your senator.

Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 11, 2017 referred to investigations and government operations

Co-Sponsors

S1991 - Details

See Assembly Version of this Bill:
A3554
Law Section:
Tax Law
Laws Affected:
Amd ยงยง208, 210, 617, 631 & 632, Tax L
Versions Introduced in 2015-2016 Legislative Session:
S7091, A9459A

S1991 - Summary

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

S1991 - Sponsor Memo

S1991 - Bill Text download pdf

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

                                  1991

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 11, 2017
                               ___________

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:

 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.