assembly Bill A2195

2021-2022 Legislative Session

Relates to investment management services to a partnership or other entity

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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
Jan 14, 2021 referred to ways and means

Co-Sponsors

Multi-Sponsors

A2195 (ACTIVE) - Details

See Senate Version of this Bill:
S999
Law Section:
Tax Law
Laws Affected:
Amd §§208, 210, 617, 631 & 632, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A9459, S7091
2017-2018: A3554, S1991
2019-2020: A3976, S303

A2195 (ACTIVE) - Summary

Relates to investment management services to a partnership or other entity.

A2195 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2195
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2021
                                ___________
 
 Introduced  by M. of A. AUBRY, BRONSON, WALLACE -- Multi-Sponsored by --
   M. of A. RAMOS -- read once and referred to the Committee on Ways  and
   Means
 
 AN  ACT  to  amend  the  tax  law,  in relation to investment management
   services to a partnership or other entity
 
   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 OF CAPITAL GAIN
 INCLUDED IN FEDERAL TAXABLE INCOME THAT HAS TO  BE  RE-CHARACTERIZED  AS
 BUSINESS  INCOME  PURSUANT  TO PARAGRAPH (U) OF SUBDIVISION NINE OF THIS
 SECTION; 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.  Subparagraph  (ix) of paragraph (a) of subdivision 1 of section
 210 of the tax law is amended by adding  a  new  clause  8  to  read  as
 follows:
   (8) THE NET OPERATING LOSS DEDUCTION ALLOWED UNDER SECTION ONE HUNDRED
 SEVENTY-TWO  OF  THE  INTERNAL  REVENUE  CODE SHALL FOR PURPOSES OF THIS
 PARAGRAPH BE DETERMINED TAKING INTO CONSIDERATION  THE  RE-CHARACTERIZA-