NY State Senate Bill S6974A

Archive: Last Bill Status - Passed Senate

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

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Actions

view actions (9)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 23, 2018	referred to ways and means delivered to assembly passed senate ordered to third reading cal.252 committee discharged and committed to rules
Jan 20, 2018	print number 6974a
Jan 20, 2018	amend (t) and recommit to investigations and government operations
Jan 03, 2018	referred to investigations and government operations
Dec 21, 2017	referred to rules

Votes

Bill Amendments

Original

A (Active)

Original

A (Active)

Co-Sponsors

S6974 - Details

See Assembly Version of this Bill:: A9061
Law Section:: Tax Law
Laws Affected:: Amd §§607, 614 & 615, Tax L

S6974 - Summary

Relates to federal income tax terms and their applicability to state tax law; relates to the New York standard deduction of certain resident individuals; authorizes a resident individual to elect to deduct his New York itemized deduction in lieu of his New York standard deduction.

S6974 - Sponsor Memo

 
BILL NUMBER: S6974

SPONSOR: FELDER
 
TITLE OF BILL:

An act to amend the tax law, in relation to federal income tax terms and
their applicability to state tax law

 
PURPOSE:

This bill amends Tax Law section 607 to hold the New York State personal
income tax law harmless for any changes made to the federal Internal
Revenue Code (IRC) after December 1, 2017, which pre-dates the enactment
of the federal Tax Cuts and Jobs Act.

 
SUMMARY OF PROVISIONS:

This bill amends Tax Law section 607 to ensure any references to the
federal Internal Revenue Code (IRC) within the New York State personal
income tax law would mean the IRC as of December 1, 2017, and any chang-
es made at the federal level after that date would not affect the calcu-

lation of New York State income taxes.

 
EXISTING LAW:

Currently, under Tax Law section 607, New York State's personal income
tax law uses the federal IRC, and its periodic amendments, as the start-
ing point for the calculation of New York State personal income taxes.

 
JUSTIFICATION:

Under current law, the calculation of New York's personal income taxes
builds off of the federal IRC, with adjustments for state purposes,
after which an individual's state income tax can be calculated.  Specif-
ically, for purposes of the state income tax calculation, adjusted gross
income and itemized deductions are based on the federal IRC, followed by
adjustments for state purposes.

The federal Tax Cuts and Jobs Act, passed by Congress in December 2017,
attempts to overhaul the federal tax laws for individuals and busi-
nesses. A major component of the Act is a sweeping reform of personal
income tax deductions. Since the New York State personal income tax is
calculated by using the federal IRC as a baseline, removal of certain
tax deductions from the federal tax system will have a direct impact on
the New York State personal income tax calculations by potentially
increasing the tax liability for a number of New York taxpayers in the
absence of these deductions. By amending Tax Law section 607's reference
to the federal IRC in effect on or before December 1, 2017, which pre-
dates the passage of the federal Tax Cuts and Jobs Act, the intent of
this bill is to provide New York taxpayers with the security that their
New York State personal income tax calculations will not fluctuate based
on changes to the federal tax law.

 
LEGISLATIVE HISTORY:

New Bill.

 
FISCAL IMPLICATIONS:

This bill is revenue neutral because it uses past tax laws to compute
future state personal income tax liability.

 
LOCAL FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately.

S6974 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6974
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             December 21, 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 federal income tax terms and
   their applicability to state tax law
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (a) of section 607 of the tax law, as amended by
 chapter 28 of the laws of 1987, is amended to read as follows:
   (a) General. Any term used in this article shall have the same meaning
 as  when  used  in a comparable context in the laws of the United States
 relating to federal income taxes, unless a different meaning is  clearly
 required  but such meaning shall be subject to the exceptions or modifi-
 cations prescribed in this article or by statute. Any reference in  this
 article  to  the  laws of the United States shall mean the provisions of
 the internal revenue code  of  nineteen  hundred  eighty-six  (unless  a
 reference to the internal revenue code of nineteen hundred fifty-four is
 clearly  intended), and amendments thereto[, and other provisions of the
 laws of the United States relating to federal income taxes, as the  same
 may  be  or  become  effective  at any time or from time to time for the
 taxable year] MADE PRIOR TO DECEMBER 1, 2017.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13953-02-7

Co-Sponsors

view additional co-sponsors

S6974A (ACTIVE) - Details

See Assembly Version of this Bill:: A9061
Law Section:: Tax Law
Laws Affected:: Amd §§607, 614 & 615, Tax L

S6974A (ACTIVE) - Summary

S6974A (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S6974A

SPONSOR: FELDER
 
TITLE OF BILL:  An act to amend the tax law, in relation to federal
income tax terms and their applicability to state tax law; in relation
to the New York standard deduction of certain resident individuals; and
in relation to the New York itemized deduction

 
PURPOSE:

This bill amends Tax Law section 607 to hold the New York State personal
income tax law harmless for any changes made to the federal Internal
Revenue Code (IRC) after December 1, 2017, which pre-dates the enactment
of the federal Tax Cuts and Jobs Act.

 
SUMMARY OF PROVISIONS:

This bill amends Tax Law section 607 to ensure any references to the
federal Internal Revenue Code (IRC) within the New York State personal
income tax law would mean the IRC as of December 1, 2017, and any chang-
es made at the federal level after that date would not affect the calcu-

lation of New York State income taxes.

 
EXISTING LAW:

Currently, under Tax Law section 607, New York State's personal income
tax law uses the federal IRC, and its periodic amendments, as the start-
ing point for the calculation of New York State personal income taxes.

 
JUSTIFICATION:

Under current law, the calculation of New York's personal income taxes
builds off of the federal IRC, with adjustments for state purposes,
after which an individual's state income tax can be calculated.  Specif-
ically, for purposes of the state income tax calculation, adjusted gross
income and itemized deductions are based on the federal IRC, followed by
adjustments for state purposes.

The federal Tax Cuts and Jobs Act, passed by Congress in December 2017,
attempts to overhaul the federal tax laws for individuals and busi-
nesses. A major component of the Act is a sweeping reform of personal
income tax deductions. Since the New York State personal income tax is
calculated by using the federal IRC as a baseline, removal of certain
tax deductions from the federal tax system will have a direct impact on
the New York State personal income tax calculations by potentially
increasing the tax liability for a number of New York taxpayers in the
absence of these deductions. By amending Tax Law section 607's reference
to the federal IRC in effect on or before December 1, 2017, which
predates the passage of the federal Tax Cuts and Jobs Act, the intent of
this bill is to provide New York taxpayers with the security that their
New York State personal income tax calculations will not fluctuate based
on changes to the federal tax law.

 
LEGISLATIVE HISTORY:

New Bill.

 
FISCAL IMPLICATIONS:

This bill is revenue neutral because it uses past tax laws to compute
future state personal income tax liability.

 
LOCAL FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately.

S6974A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6974--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             December 21, 2017
                                ___________
 
 Introduced  by  Sens.  FELDER, GALLIVAN, GOLDEN, JACOBS, RITCHIE -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee  on  Rules -- recommitted to the Committee on Investigations
   and Government Operations in accordance with Senate Rule 6, sec. 8  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 AN ACT to amend the tax law, in relation to federal income tax terms and
   their applicability to state tax law; in  relation  to  the  New  York
   standard deduction of certain resident individuals; and in relation to
   the New York itemized deduction
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (a) of section 607 of the tax law, as amended by
 chapter 28 of the laws of 1987, is amended to read as follows:
   (a) General. Any term used in this article shall have the same meaning
 as when used in a comparable context in the laws of  the  United  States
 relating  to federal income taxes, unless a different meaning is clearly
 required but such meaning shall be subject to the exceptions or  modifi-
 cations  prescribed in this article or by statute. Any reference in this
 article to the laws of the United States shall mean  the  provisions  of
 the  internal  revenue  code  of  nineteen  hundred eighty-six (unless a
 reference to the internal revenue code of nineteen hundred fifty-four is
 clearly intended), and amendments thereto[, and other provisions of  the
 laws  of the United States relating to federal income taxes, as the same
 may be or become effective at any time or from  time  to  time  for  the
 taxable year] MADE PRIOR TO DECEMBER 1, 2017.
   § 2. Subsection (a) of section 614 of the tax law, as amended by chap-
 ter 170 of the laws of 1994, is amended to read as follows:
   (a)  Unmarried  individual. For taxable years beginning after nineteen
 hundred ninety-six, the New York standard deduction of a resident  indi-
 vidual  who  is  not married nor the head of a household nor a surviving
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD13953-03-8

 S. 6974--A                          2
 
 spouse nor an individual [whose federal exemption amount is zero] WHO IS
 CLAIMED AS A DEPENDENT BY ANOTHER NEW YORK STATE TAXPAYER shall be seven
 thousand five hundred dollars; for taxable years beginning  in  nineteen
 hundred ninety-six, such standard deduction shall be seven thousand four
 hundred  dollars;  for taxable years beginning in nineteen hundred nine-
 ty-five, such standard deduction  shall  be  six  thousand  six  hundred
 dollars;  and for taxable years beginning after nineteen hundred eighty-
 nine and before nineteen hundred ninety-five,  such  standard  deduction
 shall be six thousand dollars.
   §  3.  Subsection  (a)  of  section  615 of the tax law, as amended by
 section 1 of part HH of chapter 57 of the laws of 2010,  is  amended  to
 read as follows:
   (a)  General.  [If  federal taxable income of a] A resident individual
 [is determined by itemizing deductions from his federal  adjusted  gross
 income,  he] may elect to deduct his New York itemized deduction in lieu
 of his New York standard deduction. The New York itemized deduction of a
 resident individual means the total amount of his deductions from feder-
 al adjusted gross income, other than  federal  deductions  for  personal
 exemptions, as provided in the laws of the United States for the taxable
 year,  with  the  modifications  specified  in  this  section, except as
 provided for under subsections (f) and (g) of this section.
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2018.

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The New York State Senate

senate Bill S6974A

Sponsored By

Archive: Last Bill Status - Passed Senate

Your Voice

Actions

Votes

Jan 23, 2018 - floor Vote

Floor Vote: Jan 23, 2018

Jan 23, 2018 - Rules committee Vote

Rules Committee Vote: Jan 23, 2018

Bill Amendments

Co-Sponsors

S6974 - Details

S6974 - Summary

S6974 - Sponsor Memo

S6974 - Bill Text download pdf

Co-Sponsors

S6974A (ACTIVE) - Details

S6974A (ACTIVE) - Summary

S6974A (ACTIVE) - Sponsor Memo

S6974A (ACTIVE) - Bill Text download pdf

Comments

senate Bill S6974A

Share this bill

Sponsored By

Archive: Last Bill Status - Passed Senate

Your Voice

Actions

Votes

Jan 23, 2018 - floor Vote

Floor Vote: Jan 23, 2018

Jan 23, 2018 - Rules committee Vote

Rules Committee Vote: Jan 23, 2018

Bill Amendments

Co-Sponsors

S6974 - Details

S6974 - Summary

S6974 - Sponsor Memo

S6974 - Bill Text download pdf

Co-Sponsors

S6974A (ACTIVE) - Details

S6974A (ACTIVE) - Summary

S6974A (ACTIVE) - Sponsor Memo

S6974A (ACTIVE) - Bill Text download pdf

Comments