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 |
Senate Bill S9052
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
Votes
2017-S9052 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
2017-S9052 (ACTIVE) - Sponsor Memo
BILL NUMBER: S9052 SPONSOR: FLANAGAN TITLE OF BILL: An act to amend the tax law, in relation to decoupling from federal transition tax for partnerships PURPOSE: This legislation would prevent an unintended tax increase on partner- ships resulting from the passage of the Federal Tax Cuts and Jobs Act of 2017. SUMMARY OF PROVISIONS: Section 1 amends subsection (b) of section 612 of the tax law by adding a new paragraph 43 to add to federal adjusted gross income distributions from earnings previously subject to federal income tax under subsection (a) of section 965 of the internal revenue code. Section 2 amends subsection (c) of section 612 of the tax law by adding a new paragraph 44 to subtract from federal adjusted gross income any
2017-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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