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Senate Bill S8041

2017-2018 Legislative Session

Relates to certain amounts not included in net income

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

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2017-S8041 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §208, Tax L

2017-S8041 (ACTIVE) - Summary

Relates to certain amounts not included in net income.

2017-S8041 (ACTIVE) - Sponsor Memo

2017-S8041 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8041
 
                             I N  S E N A T E
 
                              March 22, 2018
                                ___________
 
 Introduced  by  Sen.  DeFRANCISCO -- 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 certain amounts not included
   in net income
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph (a) of subdivision 9 of section 208  of  the  tax
 law  is  amended  by  adding  two new subparagraphs 20 and 21 to read as
 follows:
   (20) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO §  163(J)(1)  OF
 THE INTERNAL REVENUE CODE.
   (21)  ANY  AMOUNT  DEDUCTED BY REASON OF A CARRY FORWARD OF DISALLOWED
 BUSINESS INTEREST PURSUANT TO § 163(J)(2) OF THE INTERNAL REVENUE CODE.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2019.
 
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15220-01-8

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