senate Bill S9052

2017-2018 Legislative Session

Relates to decoupling from federal transition tax for partnerships

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 (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.1997
Jun 15, 2018 referred to rules

S9052 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

S9052 (ACTIVE) - Summary

Relates to decoupling from federal transition tax for partnerships for taxable years beginning on or after January 1, 2017.

S9052 (ACTIVE) - Sponsor Memo

S9052 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9052

                            I N  S E N A T E

                              June 15, 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, in  relation  to  decoupling  from  federal
  transition tax for partnerships

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subsection (b) of section 612 of the tax law is amended  by
adding a new paragraph 43 to read as follows:
  (43)  FOR TAXABLE YEARS BEGINNING ON OR AFTER AFTER JANUARY FIRST, TWO
THOUSAND SEVENTEEN, DISTRIBUTIONS FROM  EARNINGS  AND  PROFITS  EXCLUDED
FROM  THE GROSS INCOME OF A UNITED STATES SHAREHOLDER UNDER SECTION NINE
HUNDRED FIFTY-NINE OF THE INTERNAL REVENUE CODE AND WHICH WERE PREVIOUS-
LY SUBJECT TO FEDERAL INCOME TAX UNDER SUBSECTION (A)  OF  SECTION  NINE
HUNDRED  SIXTY-FIVE OF THE INTERNAL REVENUE CODE, TO THE EXTENT THAT THE
GROSS INCOME  FROM  SUCH  DISTRIBUTIONS  WERE  SUBTRACTED  FROM  FEDERAL
ADJUSTED  GROSS  INCOME  UNDER PARAGRAPH FORTY-FOUR OF SUBSECTION (C) OF
THIS SECTION.
  § 2. Subsection (c) of section 612 of the tax law is amended by adding
a new paragraph 44 to read as follows:
  (44) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOU-
SAND  SEVENTEEN,  ANY  AMOUNT  INCLUDED IN FEDERAL ADJUSTED GROSS INCOME
UNDER SUBSECTION (A) OF SECTION NINE HUNDRED SIXTY-FIVE OF THE  INTERNAL
REVENUE  CODE,  AFTER  ANY  DEDUCTIONS  ALLOWED  UNDER SUBSECTION (C) OF
SECTION NINE HUNDRED SIXTY-FIVE OF THE INTERNAL REVENUE CODE.
  § 3. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2017.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16316-01-8

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