| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 08, 2018 |
print number 7210a |
| Jan 08, 2018 |
amend and recommit to investigations and government operations |
| Jan 03, 2018 |
referred to investigations and government operations |
Senate Bill S7210A
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
Bill Amendments
2017-S7210 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §1310, Tax L; amd §11-1706, NYC Ad Cd
2017-S7210 - Sponsor Memo
BILL NUMBER: S7210
SPONSOR: GOLDEN
TITLE OF BILL: An act to amend the tax law and the administrative
code of the city of New York, in relation to implementing a state and
local taxes credit
PURPOSE:
This bill provides a New York City Personal Income Tax credit to address
the impact of the Federal cap on the itemized deduction for State and
Local taxes.
SUMMARY OF PROVISIONS:
Section one of this bill adds a new subsection (g) to Tax Law section
1310. This new subsection provides a refundable personal income tax
credit for taxable years beginning on and after January 1, 1018 and
before January 1, 2026. The amount of the credit equals the taxpayer's
tax rate multiplied by the difference between total taxes imposed by
localities that could have been deducted as an itemized deduction for
2017-S7210 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
7210
I N S E N A T E
January 3, 2018
___________
Introduced by Sen. GOLDEN -- 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 and the administrative code of the city of
New York, in relation to implementing a state and local taxes credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 1310 of the tax law is amended by adding a new
subsection (g) to read as follows:
(G) STATE AND LOCAL TAXES CREDIT. (1) ALLOWANCE OF CREDIT. FOR TAXABLE
YEARS BEGINNING ON AND AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN AND
BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-SIX, A RESIDENT TAXPAYER SHALL
BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN PARAGRAPH THREE OF
THIS SUBSECTION, AGAINST THE TAX AUTHORIZED BY THIS ARTICLE FOR THE
TAXABLE YEAR REDUCED BY THE CREDITS PERMITTED BY THIS ARTICLE. IF THE
CREDIT EXCEEDS THE TAX AS SO REDUCED, THE TAXPAYER MAY RECEIVE, AND THE
COMPTROLLER, SUBJECT TO A CERTIFICATE OF THE COMMISSIONER, SHALL PAY AS
AN OVERPAYMENT, WITHOUT INTEREST, THE AMOUNT OF SUCH EXCESS.
(2) ALLOWABLE TAXES. THE TERM "ALLOWABLE STATE AND LOCAL TAXES" SHALL
MEAN THE TAXES IMPOSED BY A POLITICAL SUBDIVISION OF THIS STATE THAT
WOULD HAVE BEEN DEDUCTIBLE PURSUANT TO PARAGRAPHS ONE AND THREE OF
SUBSECTION (A) OF SECTION ONE HUNDRED SIXTY-FOUR OF THE INTERNAL REVENUE
CODE FOR TAXABLE YEARS ENDING BEFORE JANUARY FIRST, TWO THOUSAND EIGH-
TEEN LESS THE LIMITATION IMPOSED BY PARAGRAPH SIX OF SUBSECTION (A) OF
SECTION ONE HUNDRED SIXTY-FOUR OF THE INTERNAL REVENUE CODE.
(3) COMPUTATION OF CREDIT. THE AMOUNT OF CREDIT ALLOWABLE PURSUANT TO
THIS SUBSECTION SHALL EQUAL THE ALLOWABLE STATE AND LOCAL TAXES MULTI-
PLIED BY THE RATE OF TAX IMPOSED ON THE TAXPAYER'S CITY TAXABLE INCOME
PURSUANT TO SECTION THIRTEEN HUNDRED FOUR OF THIS ARTICLE.
§ 2. Section 11-1706 of the administrative code of the city of New
York is amended by adding a new subdivision (g) to read as follows:
(G) STATE AND LOCAL TAXES CREDIT. (1) ALLOWANCE OF CREDIT. FOR TAXABLE
YEARS BEGINNING ON AND AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN AND
BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-SIX, A RESIDENT TAXPAYER SHALL
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
co-Sponsors
(D) Senate District
(R, C) 24th Senate District
2017-S7210A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §1310, Tax L; amd §11-1706, NYC Ad Cd
2017-S7210A (ACTIVE) - Sponsor Memo
BILL NUMBER: S7210A
SPONSOR: GOLDEN
TITLE OF BILL: An act to amend the tax law and the administrative
code of the city of New York, in relation to implementing a state and
local taxes credit
PURPOSE:
This bill provides a New York City Personal Income Tax credit to address
the impact of the Federal cap on the itemized deduction for State and
Local taxes.
SUMMARY OF PROVISIONS:
Section one of this bill adds a new subsection (g) to Tax Law section
1310. This new subsection provides a refundable personal income tax
credit for taxpayers who itemized their deductions on their Federal
personal income tax return for taxable years beginning on and after
January 1, 1018 and before January 1, 2026. The amount of the credit
equals the taxpayer's tax rate multiplied by the difference between
2017-S7210A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
7210--A
I N S E N A T E
January 3, 2018
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee
AN ACT to amend the tax law and the administrative code of the city of
New York, in relation to implementing a state and local taxes credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 1310 of the tax law is amended by adding a new
subsection (g) to read as follows:
(G) STATE AND LOCAL TAXES CREDIT. (1) ALLOWANCE OF CREDIT. FOR TAXABLE
YEARS BEGINNING ON AND AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN AND
BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-SIX, A RESIDENT TAXPAYER WHO
ITEMIZED HIS OR HER DEDUCTIONS ON HIS OR HER FEDERAL INCOME TAX RETURN
SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN PARAGRAPH THREE
OF THIS SUBSECTION, AGAINST THE TAX AUTHORIZED BY THIS ARTICLE FOR THE
TAXABLE YEAR REDUCED BY THE CREDITS PERMITTED BY THIS ARTICLE. IF THE
CREDIT EXCEEDS THE TAX AS SO REDUCED, THE TAXPAYER MAY RECEIVE, AND THE
COMPTROLLER, SUBJECT TO A CERTIFICATE OF THE COMMISSIONER, SHALL PAY AS
AN OVERPAYMENT, WITHOUT INTEREST, THE AMOUNT OF SUCH EXCESS.
(2) ALLOWABLE TAXES. THE TERM "ALLOWABLE STATE AND LOCAL TAXES" SHALL
MEAN THE TAXES IMPOSED BY A POLITICAL SUBDIVISION OF THIS STATE THAT
WOULD HAVE BEEN DEDUCTIBLE PURSUANT TO PARAGRAPHS ONE AND THREE OF
SUBSECTION (A) OF SECTION ONE HUNDRED SIXTY-FOUR OF THE INTERNAL REVENUE
CODE FOR TAXABLE YEARS ENDING BEFORE JANUARY FIRST, TWO THOUSAND EIGH-
TEEN LESS THE LIMITATION IMPOSED BY PARAGRAPH SIX OF SUBSECTION (A) OF
SECTION ONE HUNDRED SIXTY-FOUR OF THE INTERNAL REVENUE CODE.
(3) COMPUTATION OF CREDIT. THE AMOUNT OF CREDIT ALLOWABLE PURSUANT TO
THIS SUBSECTION SHALL EQUAL THE ALLOWABLE STATE AND LOCAL TAXES MULTI-
PLIED BY THE RATE OF TAX IMPOSED ON THE TAXPAYER'S CITY TAXABLE INCOME
PURSUANT TO SECTION THIRTEEN HUNDRED FOUR OF THIS ARTICLE.
§ 2. Section 11-1706 of the administrative code of the city of New
York is amended by adding a new subdivision (g) to read as follows:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. 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.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.