senate Bill S7029

2019-2020 Legislative Session

Relates to additional exclusions for entire net income

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Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 03, 2020 reported and committed to finance
Jan 08, 2020 referred to budget and revenue

Votes

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Mar 3, 2020 - committee Vote

S7029
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Mar 3, 2020

Co-Sponsors

S7029 (ACTIVE) - Details

See Assembly Version of this Bill:
A5961
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 1503, Tax L; amd §11-652, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:
S1545

S7029 (ACTIVE) - Summary

Relates to additional exclusions for entire net income; includes deductions pursuant to IRC section 163.

S7029 (ACTIVE) - Sponsor Memo

S7029 (ACTIVE) - Bill Text download pdf


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

                                  7029

                            I N  S E N A T E

                               (PREFILED)

                             January 8, 2020
                               ___________

Introduced  by Sen. BENJAMIN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Budget and Revenue

AN ACT to amend the tax law and the administrative code of the  city  of
  New York, in relation to exclusions of the 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 9 of section 208  of  the  tax
law  is  amended  by  adding  two new subparagraphs 26 and 27 to read as
follows:
  (26) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF
SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE.
  (27) ANY AMOUNT DEDUCTED BY REASON OF A CARRY  FORWARD  OF  DISALLOWED
BUSINESS INTEREST PURSUANT TO PARAGRAPH TWO OF SUBSECTION (J) OF SECTION
163 OF THE INTERNAL REVENUE CODE.
  §  2.  Subparagraph  21  of  paragraph (b) of subdivision 8 of section
11-652 of the administrative code of the city of New York, as  added  by
section 3-a of part KK of chapter 59 of the laws of 2018, is amended and
two new subparagraphs 22 and 23 are added to read as follows:
  (21)  the  amount of any federal deduction allowed pursuant to section
250(a)(1)(A) of the internal revenue code[.];
  (22) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF
SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE;
  (23) ANY AMOUNT DEDUCTED BY REASON OF A CARRY  FORWARD  OF  DISALLOWED
BUSINESS INTEREST PURSUANT TO PARAGRAPH TWO OF SUBSECTION (J) OF SECTION
163 OF THE INTERNAL REVENUE CODE.
  §  3. Paragraph 1 of subdivision (b) of section 1503 of the tax law is
amended by adding a new subparagraph (W) to read as follows:
  (W) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE  OF
SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE.
  §  4. Paragraph 2 of subdivision (b) of section 1503 of the tax law is
amended by adding a new subparagraph (Z) to read as follows:

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

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