senate Bill S3401

2019-2020 Legislative Session

Relates to investment income

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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
Feb 06, 2019 referred to budget and revenue

Co-Sponsors

S3401 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §208, Tax L; amd §11-652, NYC Ad Cd

S3401 (ACTIVE) - Summary

Relates to investment income and capital gains deferred or excluded under 26 U.S.C. º1400-z-2.

S3401 (ACTIVE) - Sponsor Memo

S3401 (ACTIVE) - Bill Text download pdf


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

                                  3401

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 6, 2019
                               ___________

Introduced  by  Sens. GIANARIS, RAMOS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Budget and Reven-
  ue

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. 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.
  §  2. 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

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

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