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Senate Bill S1195

2021-2022 Legislative Session

Relates to investment income

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Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

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2021-S1195 (ACTIVE) - Details

See Assembly Version of this Bill:
A5701
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §208, Tax L; amd §11-652, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2019-2020: S3401, A10443
2023-2024: A1727

2021-S1195 (ACTIVE) - Summary

Relates to investment income and capital gains on investments deferred or excluded under 26 U.S.C. section 1400-z-2.

2021-S1195 (ACTIVE) - Sponsor Memo

2021-S1195 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1195
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              January 8, 2021
                                ___________
 
 Introduced  by Sens. GIANARIS, BAILEY, HOYLMAN, JACKSON, KRUEGER, MYRIE,
   RAMOS, RIVERA, SALAZAR -- read twice and  ordered  printed,  and  when
   printed to be committed to the Committee on Budget and Revenue
 
 AN  ACT  to amend the tax law and the administrative code of the city of
   New York, in relation to investment income

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This act shall be known and may be cited as the "opportu-
 nity zone tax break elimination act".
   § 2. 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 CAPITAL GAINS
 DEFERRED OR EXCLUDED UNDER 26 U.S.C. §1400-Z-2, 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.
   §  3. Paragraph (a) of subdivision 5 of section 11-652 of the adminis-
 trative code of the city of New York, as added by section 1 of part D of
 chapter 60 of the laws of 2015, is amended to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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