Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 19, 2018 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1977 |
Jun 15, 2018 |
print number 9030a |
Jun 15, 2018 |
amend and recommit to rules |
Jun 14, 2018 |
referred to rules |
Senate Bill S9030A
2017-2018 Legislative Session
Sponsored By
(R, C) 58th 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
Bill Amendments
2017-S9030 - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§208 & 1503, Tax L; amd §11-652, NYC Ad Cd
2017-S9030 - Sponsor Memo
BILL NUMBER: S9030 SPONSOR: O'MARA TITLE OF BILL: An act to amend the tax law and the administrative code of the city of New York, in relation to exclusions of the entire net income PURPOSE: This legislation would prevent an unintended tax increase on businesses resulting from the passage of the Federal Tax Cuts and Jobs Act of 2017. SUMMARY OF PROVISIONS: Section 1 amends paragraph (b) of subdivision 9 of section 208 of the tax law by adding two new paragraphs, 25 and 26, which state that entire net income shall be determined without the exclusion, deduction, or credit of amounts disallow as a deduction under paragraph 1 of subsection (j) of section 163 of the internal revenue code and any amount deduction by reason of a carry forward of disallowed business
2017-S9030 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9030 I N S E N A T E June 14, 2018 ___________ Introduced by Sen. O'MARA -- 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 exclusions of the entire net income THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (b) of subdivision 9 of section 208 of the tax law is amended by adding two new subparagraphs 25 and 26 to read as follows: (25) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE. (26) ANY AMOUNT DEDUCTED BY REASON OF A CARRY FORWARD OF DISALLOWED BUSINESS INTEREST PURSUANT TO PARAGRAPH TWO OF SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE. § 2. Subparagraph 21 of paragraph (b) of subdivision 8 of section 11-652 of the administrative code of the city of New York, as added by section 3-a of part KK of chapter 59 of the laws of 2018, is amended and two new subparagraphs 22 and 23 are added to read as follows: (21) the amount of any federal deduction allowed pursuant to section 250(a)(1)(A) of the internal revenue code[.]; (22) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE; (23) ANY AMOUNT DEDUCTED BY REASON OF A CARRY FORWARD OF DISALLOWED BUSINESS INTEREST PURSUANT TO PARAGRAPH TWO OF SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE. § 3. This act shall take effect immediately and 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. LBD16213-02-8
2017-S9030A (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§208 & 1503, Tax L; amd §11-652, NYC Ad Cd
2017-S9030A (ACTIVE) - Sponsor Memo
BILL NUMBER: S9030A SPONSOR: O'MARA TITLE OF BILL: An act to amend the tax law and the administrative code of the city of New York, in relation to exclusions of the entire net income PURPOSE: This legislation would prevent an unintended tax increase on businesses resulting from the passage of the Federal Tax Cuts and Jobs Act of 2017. SUMMARY OF PROVISIONS: Section 1 amends paragraph (b) of subdivision 9 of section 208 of the tax law by adding two new paragraphs, 25 and 26, which state that entire net income shall be determined without the exclusion, deduction, or credit of amounts disallow as a deduction under paragraph 1 of subsection (j) of section 163 of the internal revenue code and any amount deduction by reason of a carry forward of disallowed business
2017-S9030A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9030--A I N S E N A T E June 14, 2018 ___________ Introduced by Sen. O'MARA -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- 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 exclusions of the entire net income THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (b) of subdivision 9 of section 208 of the tax law is amended by adding two new subparagraphs 25 and 26 to read as follows: (25) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE. (26) ANY AMOUNT DEDUCTED BY REASON OF A CARRY FORWARD OF DISALLOWED BUSINESS INTEREST PURSUANT TO PARAGRAPH TWO OF SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE. § 2. Subparagraph 21 of paragraph (b) of subdivision 8 of section 11-652 of the administrative code of the city of New York, as added by section 3-a of part KK of chapter 59 of the laws of 2018, is amended and two new subparagraphs 22 and 23 are added to read as follows: (21) the amount of any federal deduction allowed pursuant to section 250(a)(1)(A) of the internal revenue code[.]; (22) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE; (23) ANY AMOUNT DEDUCTED BY REASON OF A CARRY FORWARD OF DISALLOWED BUSINESS INTEREST PURSUANT TO PARAGRAPH TWO OF SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE. § 3. Paragraph 1 of subdivision (b) of section 1503 of the tax law is amended by adding a new subparagraph (T) to read as follows: (T) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE. § 4. Paragraph 2 of subdivision (b) of section 1503 of the tax law is amended by adding a new subparagraph (Y) to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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