Assembly Bill A5962A

2019-2020 Legislative Session

Relates to exempting from tax a portion of global intangible low-taxed income

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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

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Bill Amendments

2019-A5962 - Details

See Senate Version of this Bill:
S6542
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208, 210-A & 1503, Tax L

2019-A5962 - Summary

Exempts from tax a portion of global intangible low-taxed income.

2019-A5962 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5962
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 20, 2019
                                ___________
 
 Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law and the administrative code of the  city  of
   New York, in relation to the definitions of the terms "CFC income" and
   "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 6-a of section 208 of the  tax
 law,  as  amended  by  section 1 of part KK of chapter 59 of the laws of
 2018, is amended to read as follows:
   (b) "Exempt CFC income" means (i) except to the  extent  described  in
 subparagraph  (ii) of this paragraph, the income required to be included
 in the taxpayer's federal gross income pursuant  to  subsection  (a)  of
 section  951  of  the internal revenue code, received from a corporation
 that is conducting a unitary business  with  the  taxpayer  but  is  not
 included  in  a  combined report with the taxpayer, and (ii) such income
 required to be included in the taxpayer's federal gross income  pursuant
 to  subsection  (a)  of such section 951 of the internal revenue code by
 reason of subsection (a) of section 965 of the internal revenue code, as
 adjusted by subsection (b) of section 965 of the internal revenue  code,
 and  without  regard  to subsection (c) of such section, received from a
 corporation that is not included in a combined report with the taxpayer,
 less, AND (iii) SUCH INCOME REQUIRED TO BE INCLUDED  IN  THE  TAXPAYER'S
 FEDERAL  GROSS  INCOME PURSUANT TO SUBSECTION (A) OF SECTION 951A OF THE
 INTERNAL REVENUE CODE, WITHOUT REGARD TO THE DEDUCTION UNDER SECTION 250
 OF THE INTERNAL REVENUE CODE, RECEIVED FROM A CORPORATION  THAT  IS  NOT
 INCLUDED  IN  A  COMBINED  REPORT  WITH  THE TAXPAYER, LESS, (IV) in the
 discretion of the commissioner,  any  interest  deductions  directly  or
 indirectly  attributable to that income. In lieu of subtracting from its
 exempt CFC income the amount of those interest deductions, the  taxpayer
 may  make  a revocable election to reduce its total exempt CFC income by
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

2019-A5962A (ACTIVE) - Details

See Senate Version of this Bill:
S6542
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§208, 210-A & 1503, Tax L

2019-A5962A (ACTIVE) - Summary

Exempts from tax a portion of global intangible low-taxed income.

2019-A5962A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5962--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 20, 2019
                                ___________
 
 Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
   Committee on Ways and Means --  committee  discharged,  bill  amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the tax law, in relation to exempting from tax a portion
   of global intangible low-taxed 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 6-a of section 208 of the  tax
 law,  as  amended  by  section 1 of part KK of chapter 59 of the laws of
 2018, is amended to read as follows:
   (b) "Exempt CFC income" means (i) except to the  extent  described  in
 subparagraph  (ii) of this paragraph, the income required to be included
 in the taxpayer's federal gross income pursuant  to  subsection  (a)  of
 section  951  of  the internal revenue code, received from a corporation
 that is conducting a unitary business  with  the  taxpayer  but  is  not
 included  in a combined report with the taxpayer, [and] (ii) such income
 required to be included in the taxpayer's federal gross income  pursuant
 to  subsection  (a)  of such section 951 of the internal revenue code by
 reason of subsection (a) of section 965 of the internal revenue code, as
 adjusted by subsection (b) of section 965 of the internal revenue  code,
 and  without  regard  to subsection (c) of such section, received from a
 corporation that is not included in a combined report with the taxpayer,
 AND (III) NINETY-FIVE PERCENT OF THE INCOME REQUIRED TO BE  INCLUDED  IN
 THE  TAXPAYER'S  FEDERAL  GROSS  INCOME  PURSUANT  TO  SUBSECTION (A) OF
 SECTION 951A OF  THE  INTERNAL  REVENUE  CODE,  WITHOUT  REGARD  TO  THE
 DEDUCTION  UNDER SECTION 250 OF THE INTERNAL REVENUE CODE, RECEIVED FROM
 A CORPORATION THAT IS NOT INCLUDED IN A COMBINED REPORT WITH THE TAXPAY-
 ER, less, [(iii)] (IV) in the discretion of the commissioner, any inter-
 est deductions directly or indirectly attributable to  that  income.  In
 lieu  of  subtracting  from  its  exempt  CFC income the amount of those
 interest deductions, the taxpayer  may  make  a  revocable  election  to
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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