senate Bill S3401

2019-2020 Legislative Session

Relates to investment income

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules 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 (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 20, 2019 committed to rules
May 29, 2019 advanced to third reading
May 22, 2019 2nd report cal.
May 21, 2019 1st report cal.856
May 16, 2019 print number 3401a
May 16, 2019 amend and recommit to finance
May 07, 2019 reported and committed to finance
Feb 06, 2019 referred to budget and revenue

Votes

view votes

May 21, 2019 - Finance committee Vote

S3401A
14
7
committee
14
Aye
7
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

May 7, 2019 - committee Vote

S3401
3
2
committee
3
Aye
2
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 7, 2019

aye (3)
nay (2)
aye wr (2)

Co-Sponsors

S3401 - Details

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

S3401 - Summary

Relates to investment income and capital gains on investments located in a tract contiguous with a low-income community, deferred or excluded under 26 U.S.C. section 1400-z-2.

S3401 - Sponsor Memo

S3401 - 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.

Co-Sponsors

S3401A (ACTIVE) - Details

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

S3401A (ACTIVE) - Summary

Relates to investment income and capital gains on investments located in a tract contiguous with a low-income community, deferred or excluded under 26 U.S.C. section 1400-z-2.

S3401A (ACTIVE) - Sponsor Memo

S3401A (ACTIVE) - Bill Text download pdf


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

                                 3401--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 6, 2019
                               ___________

Introduced  by  Sens. GIANARIS, RAMOS, KRUEGER -- read twice and ordered
  printed, and when printed to be committed to the Committee  on  Budget
  and Revenue -- reported favorably from said committee and committed to
  the  Committee  on  Finance  --  committee  discharged,  bill amended,
  ordered reprinted as amended and recommitted to said committee

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
ON INVESTMENTS LOCATED IN A TRACT CONTIGUOUS WITH A LOW-INCOME COMMUNITY
AS DEFINED IN 26 U.S.C.  §1400-Z-1-E,  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 deter-
mined without regard to such interest  deductions  cannot  exceed  eight
percent of the taxpayer's entire net income.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09591-02-9

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