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Senate Bill S7209

2017-2018 Legislative Session

Increases the amount of real property taxes deductible on New York state tax returns

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Sponsored By

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

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2017-S7209 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

2017-S7209 (ACTIVE) - Summary

Increases the amount of real property taxes deductible on New York state tax returns.

2017-S7209 (ACTIVE) - Sponsor Memo

2017-S7209 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7209
 
                             I N  S E N A T E
 
                              January 3, 2018
                                ___________
 
 Introduced  by  Sen.  MARCELLINO  -- read twice and ordered printed, and
   when printed to be committed to the Committee  on  Investigations  and
   Government Operations
 
 AN  ACT  to  amend  the tax law, in relation to increasing the amount of
   real property taxes deductible on New York state tax returns
 
   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) FOR TAXABLE YEARS  BEGINNING  AFTER  DECEMBER  THIRTY-FIRST,  TWO
 THOUSAND  SEVENTEEN,  ANY AMOUNT PAID FOR REAL PROPERTY TAXES, INCLUDING
 ALL REAL PROPERTY TAXES, SPECIAL AD VALOREM LEVIES AND  SPECIAL  ASSESS-
 MENTS,  EXCLUSIVE  OF PENALTIES AND INTEREST, LEVIED ON THE RESIDENCE OF
 QUALIFIED TAXPAYERS FOR PURPOSES OF SUBSECTIONS (E) AND (E-1) OF SECTION
 SIX HUNDRED SIX OF THIS ARTICLE, PAID IN EXCESS OF THE  AMOUNT  OF  SUCH
 TAXES DEDUCTIBLE ON THE TAXPAYER'S FEDERAL INCOME TAX RETURN.
   § 2. This act shall take effect immediately and shall apply to all tax
 years commencing on or after January 1, 2018; provided, however, that:
   a.  if  this  act shall take effect after January 1, 2018, it shall be
 deemed to have been in full force and effect on January 1, 2018; and
   b. effective immediately, the addition, amendment and/or repeal of any
 rule or regulation necessary for the implementation of this act  on  its
 effective date are authorized to be made by the commissioner of taxation
 and finance on or before such effective date.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14040-01-7

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