Senate Bill S3401B

2019-2020 Legislative Session

Relates to investment income

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Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2019-S3401 - Details

See Assembly Version of this Bill:
A10443
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §208, Tax L; amd §11-652, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2021-2022: S1195, A5701
2023-2024: A1727

2019-S3401 - Summary

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

2019-S3401 - Sponsor Memo

2019-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

2019-S3401A - Details

See Assembly Version of this Bill:
A10443
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §208, Tax L; amd §11-652, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2021-2022: S1195, A5701
2023-2024: A1727

2019-S3401A - Summary

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

2019-S3401A - Sponsor Memo

2019-S3401A - 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
              

co-Sponsors

2019-S3401B (ACTIVE) - Details

See Assembly Version of this Bill:
A10443
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §208, Tax L; amd §11-652, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2021-2022: S1195, A5701
2023-2024: A1727

2019-S3401B (ACTIVE) - Summary

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

2019-S3401B (ACTIVE) - Sponsor Memo

2019-S3401B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3401--B
 
                        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  --
   recommitted  to the Committee on Budget and Revenue in accordance with
   Senate Rule 6, sec. 8 -- 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.  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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