assembly Bill A10443

2019-2020 Legislative Session

Relates to investment income

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Sponsored By

Current Bill Status - In Assembly Committee


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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 18, 2020 referred to ways and means

Co-Sponsors

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A10443 (ACTIVE) - Details

See Senate Version of this Bill:
S3401
Law Section:
Tax Law
Laws Affected:
Amd §208, Tax L; amd §11-652, NYC Ad Cd

A10443 (ACTIVE) - Summary

Relates to investment income and capital gains on investments deferred or excluded under 26 U.S.C. section 1400-z-2.

A10443 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10443
 
                           I N  A S S E M B L Y
 
                               May 18, 2020
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Dinowitz) --
   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 investment income
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  This act shall be known and may be cited as the "opportu-
 nity zone tax break elimination act".
   § 2. Paragraph (a) of subdivision 6 of section 208 of the tax law,  as
 amended  by  section  5  of part T of chapter 59 of the laws of 2015, is
 amended to read as follows:
   (a) (i) The term "investment income" means income,  including  capital
 gains  in  excess  of  capital  losses,  from investment capital, to the
 extent included in  computing  entire  net  income,  less,  (A)  in  the
 discretion  of  the  commissioner,  any interest deductions allowable in
 computing entire net income which are directly or  indirectly  attribut-
 able  to  investment capital or investment income, (B) ANY CAPITAL GAINS
 DEFERRED OR EXCLUDED UNDER 26 U.S.C. §1400-Z-2, provided, however,  that
 in no case shall investment income exceed entire net income. (ii) If the
 amount  of interest deductions subtracted under subparagraph (i) of this
 paragraph exceeds investment income, the  excess  of  such  amount  over
 investment  income must be added back to entire net income. (iii) If the
 taxpayer's investment income determined without regard to  the  interest
 deductions subtracted under subparagraph (i) of this paragraph comprises
 more  than eight percent of the taxpayer's entire net income, investment
 income determined without regard  to  such  interest  deductions  cannot
 exceed eight percent of the taxpayer's entire net income.
   §  3. Paragraph (a) of subdivision 5 of section 11-652 of the adminis-
 trative code of the city of New York, as added by section 1 of part D of
 chapter 60 of the laws of 2015, is amended to read as follows:
   (a) (i) The term "investment income" means income,  including  capital
 gains  in  excess  of  capital  losses,  from investment capital, to the
 extent included in  computing  entire  net  income,  less,  (A)  in  the
 discretion  of  the  commissioner  of  finance,  any interest deductions
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets