senate Bill S1545

2021-2022 Legislative Session

Relates to additional exclusions for entire net income

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 04, 2021 reported and committed to finance
Jan 13, 2021 referred to budget and revenue

Votes

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May 4, 2021 - Budget and Revenue committee Vote

S1545
6
1
committee
6
Aye
1
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Budget and Revenue committee vote details

Budget and Revenue Committee Vote: May 4, 2021

nay (1)

Co-Sponsors

S1545 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§208 & 1503, Tax L; amd §11-652, NYC Ad Cd
Versions Introduced in 2019-2020 Legislative Session:
S7029

S1545 (ACTIVE) - Summary

Relates to additional exclusions for entire net income; includes deductions pursuant to IRC section 163.

S1545 (ACTIVE) - Sponsor Memo

S1545 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1545
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2021
                                ___________
 
 Introduced  by Sens. BENJAMIN, KAPLAN -- 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 exclusions of the entire net income

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (b) of subdivision 9 of section 208  of  the  tax
 law  is  amended  by  adding  two new subparagraphs 27 and 28 to read as
 follows:
   (27) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF
 SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE.
   (28) ANY AMOUNT DEDUCTED BY REASON OF A CARRY  FORWARD  OF  DISALLOWED
 BUSINESS INTEREST PURSUANT TO PARAGRAPH TWO OF SUBSECTION (J) OF SECTION
 163 OF THE INTERNAL REVENUE CODE.
   §  2.  Subparagraphs  21  and  22 of paragraph (b) of subdivision 8 of
 section 11-652 of the administrative code  of  the  city  of  New  York,
 subparagraph  21 as added by section 3-a of part KK of chapter 59 of the
 laws of 2018, subparagraph 22 as amended by chapter 121 of the  laws  of
 2020,  are amended and two new subparagraphs 23 and 24 are added to read
 as follows:
   (21) the amount of any federal deduction allowed pursuant  to  section
 250(a)(1)(A) of the internal revenue code[.];
   (22)  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) of the internal revenue
 code[.];
   (23) THE AMOUNT DISALLOWED AS A DEDUCTION PURSUANT TO PARAGRAPH ONE OF
 SUBSECTION (J) OF SECTION 163 OF THE INTERNAL REVENUE CODE;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04976-02-1

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