senate Bill S6951

2017-2018 Legislative Session

Relates to establishing a tax credit equal to any increase in federal tax liability

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to investigations and government operations
Nov 22, 2017 referred to rules

Co-Sponsors

S6951 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S6951 (ACTIVE) - Summary

Establishes a tax credit equal to any increase in federal tax liability based on the Internal Revenue Code of 1986 as of November first, two thousand seventeen with indexing.

S6951 (ACTIVE) - Sponsor Memo

S6951 (ACTIVE) - Bill Text download pdf


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

                                  6951

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            November 22, 2017
                               ___________

Introduced  by  Sen.  FELDER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the tax law, in relation to establishing  a  tax  credit
  equal  to  any  increase  in federal tax liability due to residents no
  longer being able to deduct state and local taxes from  their  federal
  income

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (ccc) to read as follows:
  (CCC)  HOLD  NEW YORKERS HARMLESS TAX CREDIT. FOR TAXABLE YEARS BEGIN-
NING ON AND AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN, A CREDIT, IN THE
AMOUNT, GREATER THAN ZERO, OF THE DIFFERENCE BETWEEN  (1)  A  RESIDENT'S
FEDERAL  INCOME  TAX LIABILITY USING THE CURRENT VERSION OF THE INTERNAL
REVENUE CODE OF 1986; AND (2) SUCH RESIDENT'S FEDERAL INCOME TAX LIABIL-
ITY USING THE INTERNAL REVENUE CODE OF 1986 AS OF  NOVEMBER  FIRST,  TWO
THOUSAND  SEVENTEEN  WITH  INDEXING,  SHALL  BE  ALLOWED AGAINST THE TAX
IMPOSED BY SECTION SIX HUNDRED ONE OF THIS PART, TO EACH RESIDENT OF THE
STATE.
  § 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13834-03-7

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