|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 20, 2017||referred to investigations and government operations|
senate Bill S3209
Current Bill Status - In Senate Investigations And Government Operations Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3209 - Details
S3209 - Sponsor Memo
BILL NUMBER: S3209 TITLE OF BILL : An act to amend the tax law, in relation to providing a deduction from personal income taxes for un-reimbursed expenses paid for veterinary care of companion animals PURPOSE OR GENERAL IDEA OF BILL : To grant taxpayers a personal income tax credit for uncompensated veterinary care and medication expenses for a companion animal that exceed 7.5% of the taxpayer's AGI. SUMMARY OF SPECIFIC PROVISIONS : Establishes a personal income tax credit for uncompensated expenses for veterinary care of and medication for a companion animal that exceed 7.5% of the taxpayer's AGI; -Requires that the Commissioner of Taxation and Finance promulgate rules and regulations to establish criteria for the veterinary care deduction; and, -Act taking effect the next January 1st after it becomes law, and shall apply to all taxable years after that date, provided that the Commission is authorized to promulgate rules and regulations immediately.
S3209 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3209 2017-2018 Regular Sessions I N S E N A T E January 20, 2017 ___________ Introduced by Sen. SERRANO -- 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 providing a deduction from personal income taxes for un-reimbursed expenses paid for veterinary care of companion animals THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs 2, 3 and 4 of subsection (d) of section 615 of the tax law, paragraph 2 as amended by chapter 406 of the laws of 1990, paragraph 3 as amended by chapter 921 of the laws of 1963 and paragraph 4 as added by section 2 of part DD of chapter 63 of the laws of 2000, are amended and a new paragraph 5 is added to read as follows: (2) interest on indebtedness incurred or continued to purchase or carry obligations or securities the interest on which is subject to tax under this article but exempt from federal income tax, to the extent that such interest on indebtedness is not deductible for federal income tax purposes and is not subtracted from federal adjusted gross income pursuant to paragraph [(9)] NINE of subsection (c) of section six hundred twelve; [and] (3) ordinary and necessary expenses paid or incurred during the taxa- ble year for (i) the production or collection of income which is subject to tax under this article but exempt from federal income tax, or (ii) the management, conservation or maintenance of property held for the production of such income, and the amortizable bond premium for the taxable year on any bond the interest on which is subject to tax under this article but exempt from federal income tax, to the extent that such expenses and premiums are not deductible in determining federal adjusted gross income and are not subtracted from federal adjusted gross income pursuant to paragraph [(10)] TEN of subsection (c) of section six hundred twelve[.]; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08640-01-7
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