senate Bill S9030A

2017-2018 Legislative Session

Relates to additional exclusions for entire net income

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

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Actions

view actions (7)
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

S9030 - Details

Law Section:
Tax Law
Laws Affected:
Amd §§208 & 1503, Tax L; amd §11-652, NYC Ad Cd

S9030 - Summary

Relates to additional exclusions for entire net income; includes deductions pursuant to IRC section 163.

S9030 - Sponsor Memo

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

S9030A (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §§208 & 1503, Tax L; amd §11-652, NYC Ad Cd

S9030A (ACTIVE) - Summary

Relates to additional exclusions for entire net income; includes deductions pursuant to IRC section 163.

S9030A (ACTIVE) - Sponsor Memo

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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