senate Bill S1476

2021-2022 Legislative Session

Establishes a deduction for stock options

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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 12, 2021 referred to budget and revenue

S1476 (ACTIVE) - Details

See Assembly Version of this Bill:
A6689
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §208, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6885
2013-2014: S3276
2015-2016: S3431
2017-2018: S4581
2019-2020: S2725, A7074

S1476 (ACTIVE) - Summary

Establishes a deduction for stock options.

S1476 (ACTIVE) - Sponsor Memo

S1476 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1476
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2021
                                ___________
 
 Introduced  by  Sen. KRUEGER -- 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, in relation  to  the  deduction  for  stock
   options
 
   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 a new subparagraph 27 to read as follows:
   (27)  IN  THE  CASE  OF PROPERTY TRANSFERRED TO A PERSON IN CONNECTION
 WITH THE PERFORMANCE  OF  SERVICES,  ANY  DEDUCTION  RELATING  TO  STOCK
 OPTIONS PURSUANT TO THE INTERNAL REVENUE CODE SECTION 83(H) FOR PROPERTY
 DESCRIBED IN SUBSECTION (A) OF THAT SECTION, IN EXCESS OF THE AMOUNT THE
 TAXPAYER  WAS ALLOWED TO TREAT AS COMPENSATION COST WITH RESPECT TO THAT
 PROPERTY IN THE YEAR  THE  STOCK  OPTION  WAS  GRANTED  UNDER  GENERALLY
 ACCEPTED  ACCOUNTING  PRINCIPLES FOR THE PURPOSE OF ASCERTAINING INCOME,
 PROFIT, OR LOSS IN A REPORT OR STATEMENT TO  SHAREHOLDERS,  PARTNERS  OR
 OTHER PROPRIETORS (OR TO BENEFICIARIES).
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2022.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04952-01-1


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