|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 06, 2019||referred to budget and revenue|
senate Bill S3401
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3401 (ACTIVE) - Details
- Law Section:
- Tax Law
- Laws Affected:
- Amd §208, Tax L; amd §11-652, NYC Ad Cd
S3401 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3401 SPONSOR: GIANARIS TITLE OF BILL: An act to amend the tax law and the administrative code of the city of New York, in relation to investment income SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends paragraph (a) of subdivision 6 of section 208 of the tax law to include capital gains deferred or excluded under 26 U.S.C. Section 1400z-2 Section 2 amends paragraph (a) of subdivision 5 of section 11-652 of the administrative code of the city of New York to include capital gains deferred or excluded under 26 U.S.C. Section 1400z-2 JUSTIFICATION: The federal tax overhaul passed in 2017 included a provision aimed at incentivizing investment in economically distressed areas. These areas, "qualified opportunity zones" were designated by states in 2018. Inves-
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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