NY State Senate Bill 2017-S9029

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

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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

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

	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

Votes

- Jun 19, 2018 - Floor Vote
  S9029
  
  62
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 19, 2018
      
      aye (62)
      
      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
      
      Hoylman-Sigal
      
      Jacobs
      
      Kaminsky
      
      Kavanagh
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Marchione
      
      Mayer
      
      Montgomery
      
      Murphy
      
      O'Mara
      
      Ortt
      
      Parker
      
      Peralta
      
      Persaud
      
      Phillips
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Sanders Jr.
      
      Savino
      
      Sepúlveda
      
      Serino
      
      Serrano
      
      Seward
      
      Stavisky
      
      Stewart-Cousins
      
      Tedisco
      
      Valesky
      
      Young
      
      excused (1)
      
      Croci
  Jun 19, 2018 - Rules Committee Vote
  S9029
  
  21
  
  Aye
  
  0
  
  Nay
  
  4
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 19, 2018
      
      aye (21)
      
      Bonacic
      
      Breslin
      
      DeFrancisco
      
      Dilan
      
      Flanagan
      
      Gianaris
      
      Hannon
      
      Kennedy
      
      Klein
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Parker
      
      Ranzenhofer
      
      Robach
      
      Savino
      
      Seward
      
      Stewart-Cousins
      
      Valesky
      
      aye wr (4)
      
      Griffo
      
      Krueger
      
      Montgomery
      
      Rivera

co-Sponsors

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) - 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.

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

disallowed under subsection (r) of section 162 of the internal revenue
code.

Section 3 amends subparagraph 10 of paragraph (a) of subdivision 8 of
section 11-652 the administrative code of the City of New York to
include paragraph U of subdivision 8.

Section 4 amends subdivision 8 of section 11-652 of the administrative
code of the City of New York to add a new paragraph U to include the
deduction for FDIC premiums that is disallowed under subsection (r) of
section 162 of the internal revenue code.

Section 5 is the effective date.

 
JUSTIFICATION:

If the Federal government had not passed the Tax Cuts and Jobs Act of
2017, New York taxpayers would still be able to deduct FDIC premiums.
This bill is merely seeking to return to the same treatment of FDIC
premiums that had been in place in New York for decades.

The passage of this bill would prevent an unintended tax increase on
financial institutions, and would prevent New York State from receiving
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 FDIC premiums 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-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.

                                                            LBD16214-01-8

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.

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

Senate Bill S9029

Share this bill

Sponsored By

Elaine Phillips