Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 22, 2018 |
referred to investigations and government operations |
Senate Bill S8041
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
2017-S8041 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §208, Tax L
2017-S8041 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8041 SPONSOR: DEFRANCISCO TITLE OF BILL: An act to amend the tax law, in relation to certain amounts not included in net income SUMMARY OF PROVISIONS: Section 1 - Amends paragraph (a) of subdivision 9 of section 208 of the tax law by adding two new subparagraphs 20 and 21. Section 2 - Effective Date JUSTIFICATION: Under recent federal tax reform, the deduction for a business' net interest expense will be limited to 30% of a taxpayers federal adjusted income (IRC section 163 G) ) effective 2018 and annually thereafter. Businesses with gross receipts under $25M are exempted. The cap included bonus depreciation allowing taxpayers to expense 100% of quali- fied property in the year an expense was incurred from 2018-23.
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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