Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 19, 2018 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1954 |
Jun 14, 2018 |
referred to rules |
Senate Bill S9029
2017-2018 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(R, C, IP) Senate District
2017-S9029 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §208, Tax L; amd §11-652, NYC Ad Cd
2017-S9029 (ACTIVE) - Sponsor Memo
BILL NUMBER: S9029 SPONSOR: PHILLIPS TITLE OF BILL: An act to amend the tax law and the administrative code of the city of New York, in relation to total net income for purposes of taxation of business corporations PURPOSE: This legislation would prevent an unintended State corporate tax increase on financial institutions due to the disallowance of deducting FDIC premiums as part of the passage of the Federal Tax Cuts and Jobs Act of 2017. SUMMARY OF PROVISIONS: Section 1 amends Subparagraph 11 of paragraph (a) of subdivision 9 of section 208 of the tax law to include part U of subdivision 9. Section 2 amends subdivision 9 of section 208 of the tax law by adding a new subparagraph U to include the deduction for FDIC premiums that is
2017-S9029 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9029 I N S E N A T E June 14, 2018 ___________ Introduced by Sens. PHILLIPS, JACOBS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law and the administrative code of the city of New York, in relation to total net income for purposes of taxation of business corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph 11 of paragraph (a) of subdivision 9 of section 208 of the tax law, as amended by section 4 of part A of chapter 59 of the laws of 2014, is amended to read as follows: (11) the amount deductible pursuant to [paragraph] PARAGRAPHS (j) AND (U) of this subdivision; [and] § 2. Subdivision 9 of section 208 of the tax law is amended by adding a new paragraph (u) to read as follows: (U) A TAXPAYER SHALL BE ALLOWED A DEDUCTION IN COMPUTING ENTIRE NET INCOME FOR ANY FDIC PREMIUM PAID OR INCURRED BY THE TAXPAYER THAT IS DISALLOWED AS A DEDUCTION UNDER SUBSECTION (R) OF SECTION 162 OF THE INTERNAL REVENUE CODE. § 3. Subparagraph 10 of paragraph (a) of subdivision 8 of section 11-652 of the administrative code of the city of New York, as added by section 1 of part D of chapter 60 of the laws of 2015, is amended to read as follows: (10) the amount deductible pursuant to [paragraph] PARAGRAPHS (j) AND (U) of this subdivision; § 4. Subdivision 8 of section 11-652 of the administrative code of the city of New York is amended by adding a new paragraph (u) to read as follows: (U) A TAXPAYER SHALL BE ALLOWED A DEDUCTION IN COMPUTING ENTIRE NET INCOME FOR ANY FDIC PREMIUM PAID OR INCURRED BY THE TAXPAYER THAT IS DISALLOWED AS A DEDUCTION UNDER SUBSECTION (R) OF SECTION 162 OF THE INTERNAL REVENUE CODE. § 5. This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2018. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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