Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 11, 2021 |
signed chap.149 delivered to governor |
Jun 10, 2021 |
returned to senate passed assembly ordered to third reading rules cal.745 substituted for a8034 |
Jun 10, 2021 |
substituted by s7231 |
Jun 09, 2021 |
ordered to third reading rules cal.745 rules report cal.745 reported reported referred to rules |
Jun 07, 2021 |
referred to ways and means |
Assembly Bill A8034
Signed By Governor2021-2022 Legislative Session
Sponsored By
MCDONALD
Archive: Last Bill Status Via S7231 - Signed by Governor
- 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
Actions
Votes
2021-A8034 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7231
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
2021-A8034 (ACTIVE) - Summary
Provides a deduction for repayment of item amounts reported in a taxpayer's income in a previous tax year because it was established after the close of such previous taxable year that the taxpayer did not have an unrestricted right to such item or to a portion of such item.
2021-A8034 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8034 2021-2022 Regular Sessions I N A S S E M B L Y June 7, 2021 ___________ Introduced by M. of A. McDONALD -- (at request of the Governor) -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to providing a deduction for repayment of amounts reported in a taxpayer's income in a previous tax year THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 45 to read as follows: (45) (A) THE AMOUNT OF AN ITEM THAT WAS INCLUDED IN NEW YORK ADJUSTED GROSS INCOME FOR A PRIOR TAXABLE YEAR (OR YEARS) BECAUSE IT APPEARED THAT THE TAXPAYER HAD AN UNRESTRICTED RIGHT TO SUCH ITEM BUT WAS REPAID BY THE TAXPAYER DURING THE TAXABLE YEAR BECAUSE IT WAS ESTABLISHED AFTER THE CLOSE OF SUCH PRIOR TAXABLE YEAR (OR YEARS) THAT THE TAXPAYER DID NOT HAVE AN UNRESTRICTED RIGHT TO SUCH ITEM OR TO A PORTION OF SUCH ITEM. (B) NO SUBTRACTION SHALL BE ALLOWED UNDER THIS PARAGRAPH IF THE REPAY- MENT AMOUNT IS INCLUDED IN THE DEDUCTION ALLOWED UNDER SECTION SIX HUNDRED FIFTEEN OR ANY OTHER PROVISION OF THIS ARTICLE, OR IF THE REPAY- MENT AMOUNT IS THE BASIS FOR A CREDIT CLAIMED BY THE TAXPAYER PURSUANT TO SECTION SIX HUNDRED SIXTY-TWO OF THIS ARTICLE. § 2. This act shall take effect immediately and shall apply to taxable years commencing on or after January 1, 2021. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD12028-01-1
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