senate Bill S9029

2017-2018 Legislative Session

Relates to the definition of total net income for purposes of taxation of business corporations

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (5)
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

Co-Sponsors

S9029 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §208, Tax L; amd §11-652, NYC Ad Cd

S9029 (ACTIVE) - Summary

Provides that a corporation shall be allowed a deduction in computing entire net income for any FDIC premium paid by the corporation that is disallowed under the internal revenue code.

S9029 (ACTIVE) - Sponsor Memo

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.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.