senate Bill S7231

Signed By Governor
2021-2022 Legislative Session

Relates to providing a deduction for repayment of amounts reported in a taxpayer's income in a previous tax year

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (11)
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
referred to ways and means
delivered to assembly
passed senate
Jun 09, 2021 ordered to third reading cal.1723
Jun 07, 2021 referred to rules

S7231 (ACTIVE) - Details

See Assembly Version of this Bill:
A8034
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

S7231 (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.

S7231 (ACTIVE) - Sponsor Memo

S7231 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7231
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               June 7, 2021
                                ___________
 
 Introduced  by Sen. FELDER -- (at request of the Governor) -- read twice
   and ordered printed, and when printed to be committed to the Committee
   on Rules
 
 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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