NY State Senate Bill 2017-S8991A

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

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 19, 2018	referred to ways and means delivered to assembly passed senate ordered to third reading cal.1987
Jun 14, 2018	print number 8991a
Jun 14, 2018	amend and recommit to rules
Jun 11, 2018	referred to rules

Votes

- Jun 19, 2018 - Floor Vote
  S8991A
  
  59
  
  Aye
  
  3
  
  Nay
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 19, 2018
      
      aye (59)
      
      Addabbo Jr.
      
      Akshar
      
      Alcantara
      
      Amedore
      
      Avella
      
      Bailey
      
      Benjamin
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Brooks
      
      Carlucci
      
      Comrie
      
      DeFrancisco
      
      Dilan
      
      Felder
      
      Flanagan
      
      Funke
      
      Gallivan
      
      Gianaris
      
      Golden
      
      Griffo
      
      Hamilton
      
      Hannon
      
      Helming
      
      Jacobs
      
      Kaminsky
      
      Kavanagh
      
      Kennedy
      
      Klein
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Marchione
      
      Mayer
      
      Montgomery
      
      Murphy
      
      O'Mara
      
      Ortt
      
      Parker
      
      Peralta
      
      Persaud
      
      Phillips
      
      Ranzenhofer
      
      Ritchie
      
      Robach
      
      Sanders Jr.
      
      Savino
      
      Sepúlveda
      
      Serino
      
      Serrano
      
      Seward
      
      Stavisky
      
      Stewart-Cousins
      
      Tedisco
      
      Valesky
      
      Young
      
      nay (3)
      
      Hoylman-Sigal
      
      Krueger
      
      Rivera
      
      excused (1)
      
      Croci
  Jun 19, 2018 - Rules Committee Vote
  S8991A
  
  20
  
  Aye
  
  1
  
  Nay
  
  4
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 19, 2018
      
      aye (20)
      
      Bonacic
      
      Breslin
      
      DeFrancisco
      
      Dilan
      
      Flanagan
      
      Hannon
      
      Kennedy
      
      Klein
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Parker
      
      Ranzenhofer
      
      Robach
      
      Savino
      
      Seward
      
      Stewart-Cousins
      
      Valesky
      
      nay (1)
      
      Krueger
      
      aye wr (4)
      
      Gianaris
      
      Griffo
      
      Montgomery
      
      Rivera

Bill Amendments

Original

A (Active)

2017-S8991 - 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-S8991 - Summary

Relates to the definitions of the terms "CFC income" and "entire net income"; provides that exempt CFC income shall include income required to be included in a taxpayer's federal gross income pursuant to subsection (a) of section 951A of the internal revenue code; excludes the amount of any federal deduction allowed pursuant to section 250(a)(1)(B)(i) of the IRC from being included in the calculation of entire net income.

2017-S8991 - Sponsor Memo

                                
 
BILL NUMBER: S8991

SPONSOR: FLANAGAN
 
TITLE OF BILL:  An act to amend the tax law and the administrative
code of the city of New York, in relation to the definitions of the
terms "CFC income" and "entire net income"

 
PURPOSE:

This legislation would prevent an unintended corporate tax increase on
global intangible low-taxed income (GILTI) resulting from the passage of
the Federal Tax Cuts and Jobs Act of 2017.

 
SUMMARY OF PROVISIONS:

Section 1 amends subdivision 6-a of section 208 of the tax law to amend
the definition of "exempt CFC income" to include income required to be
included in a taxpayer's Federal gross income pursuant to subsection (a)
of section 951A of the internal revenue code, without regard to the
deduction under section 250 of the internal revenue code.

Section 2 amends subdivision 9 of section 208 of the tax law by adding a
new subparagraph to include the amount of any Federal deduction allowed
pursuant to section 250 (a) (1) (B) (i) of the internal revenue code.

Section 3 amends subdivision 5-a of section 11-652 of the administrative
code of the city of New York to amend the definition of "exempt CFC
income" to include income required to be included in a taxpayer's Feder-
al gross income pursuant to subsection (a) of section 951A of the inter-
nal revenue code, without regard to the deduction under section 250 of
the internal revenue code.

Section 4 amends subdivision 8 of section 11-652 of the administrative
code of the city of New York by adding a new subparagraph to include the
amount of any Federal deduction allowed pursuant to section 250 (a) (1)
(B) (i) of the internal revenue code.

Section 5 is the effective date.

 
JUSTIFICATION:

As a result of the passage of the Federal Tax Cuts and Jobs Act of 2017,
changes were made to tax treatment of income producing foreign held
intangible assets. These changes were intended to address corporations
holding intangible assets, such as patents, copyrights, trademarks, etc.
in low tax countries as a means of reducing their tax burden, and to
encourage the repatriation of those assets.  However, a technical change
(the creation of a new section of the internal revenue code- 951A
replaced section 951(a)) resulted in other types of intangible income,
such as financial transactions, being included in this section, which
results in the New York State exemption for foreign financial trans-
actions being eliminated, as the existing exemption still refers to
section 951(a) of the internal revenue code.

If the Federal government had not passed the Tax Cuts and Jobs Act of
2017, the income that is now treated under 951A of the internal revenue
code and thus subject to New York State and City taxation would have
been tax exempt. This bill is merely seeking to return to the same
treatment of CFC income that had been in place in New York for decades.
The financial services industry is one of the largest industries in New
York, and the passage of this bill would prevent an unintended tax
increase on the industry, and would prevent New York State from receiv-
ing a windfall as a result of Federal tax changes, which is consistent
with actions approved in a bipartisan fashion as part of the passage of
the FY 2019 Enacted Budget.

 
PRIOR LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS:

This bill would have no fiscal impact, as it would preserve the New York
tax treatment of CFC income that was in effect prior to the enactment of
the Federal Tax Cuts and Jobs Act of 2017.

 
EFFECTIVE DATE:
This bill shall take effect immediately, and apply to tax years begin-
ning on or after January 1, 2018.

2017-S8991 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8991
 
                             I N  S E N A T E
 
                               June 11, 2018
                                ___________
 
 Introduced  by Sen. FLANAGAN -- 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 the definitions of the terms "CFC income" and
   "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 6-a of section 208 of the  tax
 law,  as  amended  by  section 1 of part KK of chapter 59 of the laws of
 2018, is amended to read as follows:
   (b) "Exempt CFC income" means (i) except to the  extent  described  in
 subparagraph  (ii) of this paragraph, the income required to be included
 in the taxpayer's federal gross income pursuant  to  subsection  (a)  of
 section  951  of  the internal revenue code, received from a corporation
 that is conducting a unitary business  with  the  taxpayer  but  is  not
 included  in  a  combined report with the taxpayer, and (ii) such income
 required to be included in the taxpayer's federal gross income  pursuant
 to  subsection  (a)  of such section 951 of the internal revenue code by
 reason of subsection (a) of section 965 of the internal revenue code, as
 adjusted by subsection (b) of section 965 of the internal revenue  code,
 and  without  regard  to subsection (c) of such section, received from a
 corporation that is not included in a combined report with the taxpayer,
 less, AND (iii) SUCH INCOME REQUIRED TO BE INCLUDED  IN  THE  TAXPAYER'S
 FEDERAL  GROSS  INCOME PURSUANT TO SUBSECTION (A) OF SECTION 951A OF THE
 INTERNAL REVENUE CODE, WITHOUT REGARD TO THE DEDUCTION UNDER SECTION 250
 OF THE INTERNAL REVENUE CODE, RECEIVED FROM A CORPORATION  THAT  IS  NOT
 INCLUDED  IN  A  COMBINED  REPORT  WITH  THE TAXPAYER, LESS, (IV) in the
 discretion of the commissioner,  any  interest  deductions  directly  or
 indirectly  attributable to that income. In lieu of subtracting from its
 exempt CFC income the amount of those interest deductions, the  taxpayer
 may  make  a revocable election to reduce its total exempt CFC income by
 forty percent. If the taxpayer makes this election,  the  taxpayer  must
 also make the elections provided for in paragraph (b) of subdivision six
 of  this  section and paragraph (c) of this subdivision. If the taxpayer
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD16215-02-8

 S. 8991                             2
 
 subsequently  revokes  this  election,  the  taxpayer  must  revoke  the
 elections  provided  for  in  paragraph  (b)  of subdivision six of this
 section and paragraph (c) of this subdivision. A taxpayer which does not
 make  this  election  because  it  has  no exempt CFC income will not be
 precluded from making those other elections.  The  income  described  in
 [subparagraph]  SUBPARAGRAPHS (ii) AND (III) of this paragraph shall not
 constitute investment income.
   § 2. Paragraph (b) of subdivision 9 of section 208 of the tax  law  is
 amended by adding a new subparagraph 25 to read as follows:
   (25)  THE  AMOUNT OF ANY FEDERAL DEDUCTION ALLOWED PURSUANT TO SECTION
 250(A)(1)(B)(I) OF THE INTERNAL REVENUE CODE.
   § 3. Paragraph (b) of subdivision 5-a of section 11-652 of the  admin-
 istrative  code  of  the  city of New York, as amended by section 1-a of
 part KK of chapter 59 of the  laws  of  2018,  is  amended  to  read  as
 follows:
   (b)  "Exempt  CFC  income" means (i) except to the extent described in
 subparagraph (ii) of this paragraph, the income required to be  included
 in  the  taxpayer's  federal  gross income pursuant to subsection (a) of
 section 951 of the internal revenue code, received  from  a  corporation
 that  is  conducting  a  unitary  business  with the taxpayer but is not
 included in a combined report with the taxpayer, and  (ii)  such  income
 required  to be included in the taxpayer's federal gross income pursuant
 to subsection (a) of such section 951 of the internal  revenue  code  by
 reason of subsection (a) of section 965 of the internal revenue code, as
 adjusted  by subsection (b) of section 965 of the internal revenue code,
 and without regard to subsection (c) of such section,  received  from  a
 corporation that is not included in a combined report with the taxpayer,
 less,  AND  (iii)  SUCH INCOME REQUIRED TO BE INCLUDED IN THE TAXPAYER'S
 FEDERAL GROSS INCOME PURSUANT TO SUBSECTION (A) OF SECTION 951A  OF  THE
 INTERNAL REVENUE CODE, WITHOUT REGARD TO THE DEDUCTION UNDER SECTION 250
 OF  THE  INTERNAL  REVENUE CODE, RECEIVED FROM A CORPORATION THAT IS NOT
 INCLUDED IN A COMBINED REPORT WITH  THE  TAXPAYER,  LESS,  (IV)  in  the
 discretion  of  the  commissioner  of  finance,  any interest deductions
 directly or  indirectly  attributable  to  that  income.    In  lieu  of
 subtracting  from  its  exempt  CFC  income the amount of those interest
 deductions, the taxpayer may make a revocable  election  to  reduce  its
 total  exempt  CFC  income  by forty percent. If the taxpayer makes this
 election, the taxpayer must also make  the  elections  provided  for  in
 paragraph  (b)  of subdivision five of this section and paragraph (c) of
 this subdivision. If the taxpayer subsequently  revokes  this  election,
 the  taxpayer must revoke the elections provided for in paragraph (b) of
 subdivision five of this section and paragraph (c) of this  subdivision.
 A  taxpayer  which  does not make this election because it has no exempt
 CFC income will not be precluded from making those other elections.  The
 income  described in [subparagraph] SUBPARAGRAPHS (ii) AND (III) of this
 paragraph shall not constitute investment income.
   § 4. Paragraph (b) of subdivision 8 of section 11-652 of the  adminis-
 trative code of the city of New York is amended by adding a new subpara-
 graph 22 to read as follows:
   (22)  THE  AMOUNT OF ANY FEDERAL DEDUCTION ALLOWED PURSUANT TO SECTION
 250(A)(1)(B)(I) 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.

2017-S8991A (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-S8991A (ACTIVE) - Summary

2017-S8991A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S8991A

SPONSOR: FLANAGAN
 
TITLE OF BILL:

An act to amend the tax law and the administrative code of the city of
New York, in relation to the definitions of the terms "CFC income" and
"entire net income"

 
PURPOSE:

This legislation would prevent an unintended corporate tax increase on
global intangible low-taxed income (GILT') resulting from the passage of
the Federal Tax Cuts and Jobs Act of 2017.

 
SUMMARY OF PROVISIONS:

Section 1 amends subdivision 6-a of section 208 of the tax law to amend
the definition of "exempt CFC income" to include income required to be
included in a taxpayer's Federal gross income pursuant to subsection (a)
of section 951A of the internal revenue code, without regard to the

deduction under section 250 of the internal revenue code.

Section 2 amends subdivision 9 of section 208 of the tax law by adding a
new subparagraph to include the amount of any Federal deduction allowed
pursuant to section 250 (a) (1) (B) (i) of the internal revenue code.

Section 3 amends subdivision 5-a of section 11-652 of the administrative
code of the city of New York to amend the definition of "exempt CFC
income" to include income required to be included in a taxpayer's Feder-
al gross income pursuant to subsection (a) of section 951A of the inter-
nal revenue code, without regard to the deduction under section 250 of
the internal revenue code.

Section 4 amends subdivision 8 of section 11-652 of the administrative
code of the city of New York by adding a new subparagraph to include the
amount of any Federal deduction allowed pursuant to section 250 (a) (1)
(B) (i) of the internal revenue code.

Section 5 amends subdivision (b) of Section 1503 of the tax law is
amended by adding a new subparagraph T to remove GILT1 that is generated
by a corporation that is not included in a combined report with a
taxpayer from the entire net income of the insurance tax.

Section 6 amends subdivision (b) of Section 1503 of the tax law is
amended by adding a new subparagraph Y to remove the amount of the
federal deduction for GILIT from entire net income.

Section 7 amends of subdivision (b) of Section 1503 to include the new
subparagraph T created in section 5.

Section 8 is the effective date.

 
JUSTIFICATION:

As a result of the passage of the Federal Tax Cuts and Jobs Act of 2017,
changes were made to tax treatment of income producing foreign held
intangible assets. These changes were intended to address corporations
holding intangible assets, such as patents, copyrights, trademarks, etc.
in low tax countries as a means of reducing their tax burden, and to
encourage the repatriation of those assets.  However, a technical change
(the creation of a new section of the internal revenue code- 951A
replaced section 951(a)) resulted in other types of intangible income,
such as financial transactions, being included in this section, which
results in the New York State exemption for foreign financial trans-
actions being eliminated, as the existing exemption still refers to
section 951(a) of the internal revenue code.

If the Federal government had not passed the Tax Cuts and Jobs Act of
2017, the income that is now treated under 951A of the internal revenue
code and thus subject to New York State and City taxation would have
been tax exempt. This bill is merely seeking to return to the same
treatment of CFC income that had been in place in New York for decades.

The financial services industry is one of the largest industries in New
York, and the passage of this bill would prevent an unintended tax
increase on the industry, and would prevent New York State from receiv-
ing a windfall as a result of Federal tax changes, which is consistent
with actions approved in a bipartisan fashion as part of the passage of
the FY 2019 Enacted Budget.

 
PRIOR LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS:

This bill would have no fiscal impact, as it would preserve the New York
tax treatment of CFC income that was in effect prior to the enactment of
the Federal Tax Cuts and Jobs Act of 2017.

 
EFFECTIVE DATE:
This bill shall take effect immediately, and apply to tax years begin-
ning on or after January 1, 2018.

2017-S8991A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8991--A
 
                             I N  S E N A T E
 
                               June 11, 2018
                                ___________
 
 Introduced  by Sen. FLANAGAN -- 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 the definitions of the terms "CFC income" and
   "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 6-a of section 208 of the tax
 law, as amended by section 1 of part KK of chapter 59  of  the  laws  of
 2018, is amended to read as follows:
   (b)  "Exempt  CFC  income" means (i) except to the extent described in
 subparagraph (ii) of this paragraph, the income required to be  included
 in  the  taxpayer's  federal  gross income pursuant to subsection (a) of
 section 951 of the internal revenue code, received  from  a  corporation
 that  is  conducting  a  unitary  business  with the taxpayer but is not
 included in a combined report with the taxpayer, and  (ii)  such  income
 required  to be included in the taxpayer's federal gross income pursuant
 to subsection (a) of such section 951 of the internal  revenue  code  by
 reason of subsection (a) of section 965 of the internal revenue code, as
 adjusted  by subsection (b) of section 965 of the internal revenue code,
 and without regard to subsection (c) of such section,  received  from  a
 corporation that is not included in a combined report with the taxpayer,
 less,  AND  (iii)  SUCH INCOME REQUIRED TO BE INCLUDED IN THE TAXPAYER'S
 FEDERAL GROSS INCOME PURSUANT TO SUBSECTION (A) OF SECTION 951A  OF  THE
 INTERNAL REVENUE CODE, WITHOUT REGARD TO THE DEDUCTION UNDER SECTION 250
 OF  THE  INTERNAL  REVENUE CODE, RECEIVED FROM A CORPORATION THAT IS NOT
 INCLUDED IN A COMBINED REPORT WITH  THE  TAXPAYER,  LESS,  (IV)  in  the
 discretion  of  the  commissioner,  any  interest deductions directly or
 indirectly attributable to that income. In lieu of subtracting from  its
 exempt  CFC income the amount of those interest deductions, the taxpayer
 may make a revocable election to reduce its total exempt CFC  income  by
 forty  percent.  If  the taxpayer makes this election, the taxpayer must
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD16215-03-8

 S. 8991--A                          2
 
 also make the elections provided for in paragraph (b) of subdivision six
 of this section and paragraph (c) of this subdivision. If  the  taxpayer
 subsequently  revokes  this  election,  the  taxpayer  must  revoke  the
 elections  provided  for  in  paragraph  (b)  of subdivision six of this
 section and paragraph (c) of this subdivision. A taxpayer which does not
 make this election because it has no  exempt  CFC  income  will  not  be
 precluded  from  making  those  other elections. The income described in
 [subparagraph] SUBPARAGRAPHS (ii) AND (III) of this paragraph shall  not
 constitute investment income.
   §  2.  Paragraph (b) of subdivision 9 of section 208 of the tax law is
 amended by adding a new subparagraph 25 to read as follows:
   (25) THE AMOUNT OF ANY FEDERAL DEDUCTION ALLOWED PURSUANT  TO  SECTION
 250(A)(1)(B)(I) OF THE INTERNAL REVENUE CODE.
   §  3. Paragraph (b) of subdivision 5-a of section 11-652 of the admin-
 istrative code of the city of New York, as amended  by  section  1-a  of
 part  KK  of  chapter  59  of  the  laws  of 2018, is amended to read as
 follows:
   (b) "Exempt CFC income" means (i) except to the  extent  described  in
 subparagraph  (ii) of this paragraph, the income required to be included
 in the taxpayer's federal gross income pursuant  to  subsection  (a)  of
 section  951  of  the internal revenue code, received from a corporation
 that is conducting a unitary business  with  the  taxpayer  but  is  not
 included  in  a  combined report with the taxpayer, and (ii) such income
 required to be included in the taxpayer's federal gross income  pursuant
 to  subsection  (a)  of such section 951 of the internal revenue code by
 reason of subsection (a) of section 965 of the internal revenue code, as
 adjusted by subsection (b) of section 965 of the internal revenue  code,
 and  without  regard  to subsection (c) of such section, received from a
 corporation that is not included in a combined report with the taxpayer,
 less, AND (iii) SUCH INCOME REQUIRED TO BE INCLUDED  IN  THE  TAXPAYER'S
 FEDERAL  GROSS  INCOME PURSUANT TO SUBSECTION (A) OF SECTION 951A OF THE
 INTERNAL REVENUE CODE, WITHOUT REGARD TO THE DEDUCTION UNDER SECTION 250
 OF THE INTERNAL REVENUE CODE, RECEIVED FROM A CORPORATION  THAT  IS  NOT
 INCLUDED  IN  A  COMBINED  REPORT  WITH  THE TAXPAYER, LESS, (IV) in the
 discretion of the  commissioner  of  finance,  any  interest  deductions
 directly  or  indirectly  attributable  to  that  income.    In  lieu of
 subtracting from its exempt CFC income  the  amount  of  those  interest
 deductions,  the  taxpayer  may  make a revocable election to reduce its
 total exempt CFC income by forty percent. If  the  taxpayer  makes  this
 election,  the  taxpayer  must  also  make the elections provided for in
 paragraph (b) of subdivision five of this section and paragraph  (c)  of
 this  subdivision.  If  the taxpayer subsequently revokes this election,
 the taxpayer must revoke the elections provided for in paragraph (b)  of
 subdivision  five of this section and paragraph (c) of this subdivision.
 A taxpayer which does not make this election because it  has  no  exempt
 CFC  income will not be precluded from making those other elections. The
 income described in [subparagraph] SUBPARAGRAPHS (ii) AND (III) of  this
 paragraph shall not constitute investment income.
   §  4. Paragraph (b) of subdivision 8 of section 11-652 of the adminis-
 trative code of the city of New York is amended by adding a new subpara-
 graph 22 to read as follows:
   (22) THE AMOUNT OF ANY FEDERAL DEDUCTION ALLOWED PURSUANT  TO  SECTION
 250(A)(1)(B)(I) OF THE INTERNAL REVENUE CODE.
   §  5. Paragraph 1 of subdivision (b) of section 1503 of the tax law is
 amended by adding a new subparagraph (T) to read as follows:

 S. 8991--A                          3
 
   (T) TO THE EXTENT NOT EXCLUDED FROM INCOME  PURSUANT  TO  SUBPARAGRAPH
 (A) OF THIS PARAGRAPH, THE INCOME REQUIRED TO BE INCLUDED IN THE TAXPAY-
 ER'S  FEDERAL GROSS INCOME PURSUANT TO SUBSECTION (A) OF SECTION 951A OF
 THE INTERNAL REVENUE CODE, WITHOUT REGARD TO THE DEDUCTION UNDER SECTION
 250  OF  THE  INTERNAL  REVENUE CODE, THAT IS GENERATED BY A CORPORATION
 THAT IS NOT INCLUDED IN A COMBINED REPORT WITH THE TAXPAYER.
   § 6. Paragraph 2 of subdivision (b) of section 1503 of the tax law  is
 amended by adding a new subparagraph (Y) to read as follows:
   (Y)  THE  AMOUNT OF THE FEDERAL DEDUCTION ALLOWED PURSUANT TO SUBPARA-
 GRAPH (B)(I) OF PARAGRAPH ONE OF SUBSECTION (A) OF SECTION  250  OF  THE
 INTERNAL REVENUE CODE.
   §  7.  Subparagraph  (H)  of paragraph 2 of subdivision (b) of section
 1503 of the tax law, as amended by section 4-e of part KK of chapter  59
 of the laws of 2018, is amended to read as follows:
   (H)  in  the  discretion  of  the commissioner, any amount of interest
 directly or indirectly and any other amount directly attributable  as  a
 carrying  charge  or otherwise to subsidiary capital or to income, gains
 or losses from  subsidiary  capital,  or  to  the  income  described  in
 [subparagraph] SUBPARAGRAPHS (S) AND (T) of paragraph one of this subdi-
 vision;
   § 8. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2018.

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Senate Bill S8991A

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Jun 19, 2018 - Floor Vote

Floor Vote: Jun 19, 2018

Jun 19, 2018 - Rules Committee Vote

Rules Committee Vote: Jun 19, 2018

Bill Amendments

2017-S8991 - Details

2017-S8991 - Summary

2017-S8991 - Sponsor Memo

2017-S8991 - Bill Text download pdf

2017-S8991A (ACTIVE) - Details

2017-S8991A (ACTIVE) - Summary

2017-S8991A (ACTIVE) - Sponsor Memo

2017-S8991A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S8991A

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Sponsored By

John J. Flanagan

Archive: Last Bill Status - In Assembly Committee

Bill Amendments

2017-S8991 - Details

2017-S8991 - Summary

2017-S8991 - Sponsor Memo

2017-S8991 - Bill Text download pdf

2017-S8991A (ACTIVE) - Details

2017-S8991A (ACTIVE) - Summary

2017-S8991A (ACTIVE) - Sponsor Memo

2017-S8991A (ACTIVE) - Bill Text download pdf

Comments