S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10519
 
                           I N  A S S E M B L Y
 
                               May 24, 2020
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Weinstein)
   -- read once and referred to the Committee on Ways and Means
 
 AN ACT to amend the administrative code of the  city  of  New  York,  in
   relation  to  disallowing, for purposes of the unincorporated business
   corporation tax, the general corporation tax, the  city  banking  tax,
   and  the  city  business  corporation  tax,  certain  amendments, with
   respect to taxable years beginning before January 1, 2021, made to the
   internal revenue code by sections 2303, 2304 and 2306  of  public  law
   116-136
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 17 of subdivision (b) of section  11-506  of  the
 administrative  code  of  the city of New York, as added by section 5 of
 part WWW of chapter 58 of the laws  of  2020,  is  amended  to  read  as
 follows:
   (17)  For  taxable  years  beginning  in two thousand nineteen and two
 thousand twenty, the amount of the  increase  in  the  federal  interest
 deduction allowed pursuant to section 163(j)(10)[(A)(i)] of the internal
 revenue code.
   §  2.  Subdivision (b) of section 11-506 of the administrative code of
 the city of New York is amended by adding a new paragraph 18 to read  as
 follows:
   (18)  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF  THIS  CHAPTER TO THE
 CONTRARY, FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO THOUSAND
 TWENTY-ONE, THE AMOUNT OF INCREASE  IN  THE  FEDERAL  DEDUCTION  ALLOWED
 PURSUANT TO ANY AMENDMENT TO SECTION 461(L) OF THE INTERNAL REVENUE CODE
 MADE AFTER MARCH FIRST, TWO THOUSAND TWENTY.
   § 3. Subdivision 2 of section 11-507 of the administrative code of the
 city  of  New  York  is amended by adding a new paragraph (c) to read as
 follows:
   (C) NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER TO THE CONTRA-
 RY, FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO THOUSAND TWEN-
 TY-ONE, ANY AMENDMENT TO SECTION ONE HUNDRED SEVENTY-TWO OF THE INTERNAL
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD16516-01-0

 A. 10519                            2
 
 REVENUE CODE MADE AFTER MARCH FIRST, TWO THOUSAND TWENTY SHALL NOT APPLY
 TO THIS CHAPTER.
   §  4.  Subparagraph  21  of  paragraph (b) of subdivision 8 of section
 11-602 of the administrative code of the city of New York, as  added  by
 section  6  of part WWW of chapter 58 of the laws of 2020, is amended to
 read as follows:
   (21) For taxable years beginning in  two  thousand  nineteen  and  two
 thousand  twenty,  the  amount  of  the increase in the federal interest
 deduction allowed pursuant to section 163(j)(10)[(A)(i)] of the internal
 revenue code.
   § 5. Paragraph (f) of subdivision 8 of section 11-602 of the  adminis-
 trative code of the city of New York is amended by adding a new subpara-
 graph 6 to read as follows:
   (6)  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF THIS SUBCHAPTER TO THE
 CONTRARY, FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO THOUSAND
 TWENTY-ONE, ANY AMENDMENT TO SECTION  ONE  HUNDRED  SEVENTY-TWO  OF  THE
 INTERNAL  REVENUE CODE MADE AFTER MARCH FIRST, TWO THOUSAND TWENTY SHALL
 NOT APPLY TO THIS SUBCHAPTER.
   § 6. Subdivision b of section 11-641 of the administrative code of the
 city of New York is amended by adding a new  paragraph  17  to  read  as
 follows:
   (17)  FOR  TAXABLE  YEARS  BEGINNING  IN TWO THOUSAND NINETEEN AND TWO
 THOUSAND TWENTY, THE AMOUNT OF THE  INCREASE  IN  THE  FEDERAL  INTEREST
 DEDUCTION ALLOWED PURSUANT TO SECTION 163(J)(10) OF THE INTERNAL REVENUE
 CODE.
   § 7. Section 11-641 of the administrative code of the city of New York
 is amended by adding a new subdivision (k-2) to read as follows:
   (K-2)  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF  THIS SECTION TO THE
 CONTRARY, FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO THOUSAND
 TWENTY-ONE, ANY AMENDMENT TO SECTION  ONE  HUNDRED  SEVENTY-TWO  OF  THE
 INTERNAL  REVENUE CODE MADE AFTER MARCH FIRST, TWO THOUSAND TWENTY SHALL
 NOT APPLY TO THIS PART.
   § 8. Subparagraph 22 of paragraph (b)  of  subdivision  8  of  section
 11-652  of  the administrative code of the city of New York, as added by
 section 4 of part WWW of chapter 58 of the laws of 2020, is  amended  to
 read as follows:
   (22)  For  taxable  years  beginning  in two thousand nineteen and two
 thousand twenty, the amount of the  increase  in  the  federal  interest
 deduction allowed pursuant to section 163(j)(10)[(A)(i)] of the internal
 revenue code.
   § 9. This act shall take effect immediately.