senate Bill S8411

Signed By Governor
2019-2020 Legislative Session

Relates to certain amendments made to the internal revenue code with respect to taxable years beginning before January 1, 2021

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Sponsored By

Current Bill Status - Signed by Governor


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

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 17, 2020 signed chap.121
Jun 05, 2020 delivered to governor
May 27, 2020 returned to senate
passed assembly
ordered to third reading rules cal.52
substituted for a10519
referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.662
May 26, 2020 reported and committed to rules
May 24, 2020 referred to finance

Votes

view votes

May 26, 2020 - Finance committee Vote

S8411
14
7
committee
14
Aye
7
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Finance committee vote details

May 24, 2020 - Rules committee Vote

S8411
12
6
committee
12
Aye
6
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Co-Sponsors

S8411 (ACTIVE) - Details

See Assembly Version of this Bill:
A10519
Law Section:
New York City Administrative Code
Laws Affected:
Amd §§11-506, 11-507, 11-602, 11-641 & 11-652, NYC Ad Cd

S8411 (ACTIVE) - Summary

Disallows, for purposes of the unincorporated business corporation tax, the general corporation tax, the city banking tax, and the city business corporation tax, certain amendments, with respect to taxable years beginning before January 1, 2021, made to the internal revenue code by sections 2303, 2304 and 2306 of public law 116-136.

S8411 (ACTIVE) - Sponsor Memo

S8411 (ACTIVE) - Bill Text download pdf


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

                                  8411

                            I N  S E N A T E

                              May 24, 2020
                               ___________

Introduced  by  Sen.  JACKSON -- (at request of the NYC Finance) -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee on Finance

AN  ACT  to  amend  the  administrative code of the city of New York, in
  relation to disallowing, for purposes of the  unincorporated  business
  corporation  tax,  the  general corporation tax, the city banking tax,
  and the  city  business  corporation  tax,  certain  amendments,  with
  respect to taxable years beginning before January 1, 2021, made to the
  internal  revenue  code  by sections 2303, 2304 and 2306 of public law
  116-136

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph  17 of subdivision (b) of section 11-506 of the
administrative code of the city of New York, as added by  section  5  of
part  WWW  of  chapter  58  of  the  laws of 2020, is amended to read as
follows:
  (17) For taxable years beginning in  two  thousand  nineteen  and  two
thousand  twenty,  the  amount  of  the increase in the federal interest
deduction allowed pursuant to section 163(j)(10)[(A)(i)] of the internal
revenue code.
  § 2. Subdivision (b) of section 11-506 of the administrative  code  of
the  city of New York is amended by adding a new paragraph 18 to read as
follows:
  (18) NOTWITHSTANDING ANY  OTHER  PROVISION  OF  THIS  CHAPTER  TO  THE
CONTRARY, FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO THOUSAND
TWENTY-ONE,  THE  AMOUNT  OF  INCREASE  IN THE FEDERAL DEDUCTION ALLOWED
PURSUANT TO ANY AMENDMENT TO SECTION 461(L) OF THE INTERNAL REVENUE CODE
MADE AFTER MARCH FIRST, TWO THOUSAND TWENTY.
  § 3. Subdivision 2 of section 11-507 of the administrative code of the
city of New York is amended by adding a new paragraph  (c)  to  read  as
follows:
  (C) NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER TO THE CONTRA-
RY, FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO THOUSAND TWEN-
TY-ONE, ANY AMENDMENT TO SECTION ONE HUNDRED SEVENTY-TWO OF THE INTERNAL

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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