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Assembly Bill A5234

2019-2020 Legislative Session

Relates to creating a tax deduction for real property taxes and local taxes, except sales tax

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2019-A5234 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2017-2018 Legislative Session:
A9067

2019-A5234 (ACTIVE) - Summary

Creates a tax deduction for real property taxes and local taxes, except sales tax.

2019-A5234 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5234
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 7, 2019
                                ___________
 
 Introduced by M. of A. RAIA, MONTESANO, RA, MORINELLO, LAWRENCE, GARBAR-
   INO,  M. G. MILLER,  GOODELL, BLANKENBUSH -- read once and referred to
   the Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to creating a tax deduction for
   real property taxes and local taxes, except sales tax

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subsection (c) of section 612 of the tax law is amended by
 adding a new paragraph 44 to read as follows:
   (44) ONLY IN THE EVENT THAT REAL PROPERTY TAXES PAID ON  A  TAXPAYER'S
 PROPERTY  AND  LOCAL TAXES, EXCEPT SALES TAX, ARE NOT AUTHORIZED FEDERAL
 ITEMIZED DEDUCTIONS FOR THE ENTIRE AMOUNT OF TAXES PAID, THE AMOUNT PAID
 IN REAL PROPERTY TAXES AND LOCAL TAXES, EXCEPT SALES TAX, FOR THE  TAXA-
 BLE YEAR.
   §  2.  This  act  shall take effect immediately and shall apply to the
 taxable year in which it takes effect and to subsequent taxable years.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07961-01-9

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