Assembly Actions -
Senate Actions - UPPERCASE
|May 04, 2021||
reported and committed to finance
|Jan 13, 2021||
referred to budget and revenue
Senate Bill S1545
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Finance Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S1545 (ACTIVE) - Details
2021-S1545 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1545 SPONSOR: BENJAMIN TITLE OF BILL: 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 PURPOSE OF THE BILL: This legislation would prevent an unintended tax increase on businesses resulting from the passage of the Federal Tax Cuts and Jobs Act of 2017. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends paragraph (b) of subdivision 9 of section 208 of the Tax Law by adding two new paragraphs, 25 and 26, which state that entire net income shall be determined without the exclusion, deduction, or credit of amounts disallow as a deduction under paragraph 1 of subsection (j) of section 163 of the internal revenue code and any amount deduction by reason of a carry forward of disallowed business
2021-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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