Bill Text: NY A00140 | 2009-2010 | General Assembly | Introduced


Bill Title: Relates to adjusting the federal adjusted gross income for personal income tax purposes; applies IRC section 1014 as in effect 12/31/2009, not IRC section 1022.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-01-05 - referred to ways and means [A00140 Detail]

Download: New_York-2009-A00140-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          140
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced  by  M.  of  A.  McDONOUGH  --  read once and referred to the
         Committee on Ways and Means
       AN ACT to amend the tax  law,  in  relation  to  adjusting  the  federal
         adjusted gross income for personal income tax purposes
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subsection (c) of section 612 of the tax law is amended  by
    2  adding a new paragraph 39 to read as follows:
    3    (39)  IN  THE  CASE OF A SALE OF PROPERTY ACQUIRED FROM A DECEDENT WHO
    4  DIED AT A TIME WHEN SECTION 1022 OF THE INTERNAL  REVENUE  CODE  APPLIED
    5  FOR  FEDERAL INCOME TAX PURPOSES, THE GAIN OR LOSS ON SUCH SALE SHALL BE
    6  ADJUSTED BY RECALCULATING THE BASIS OF SUCH PROPERTY WITHOUT CONSIDERING
    7  SECTION 1022 OF THE INTERNAL REVENUE CODE AND APPLYING SECTION  1014  OF
    8  THE  INTERNAL REVENUE CODE AS IT WAS IN EFFECT ON DECEMBER THIRTY-FIRST,
    9  TWO THOUSAND NINE.
   10    S 2. This act shall take effect on the sixtieth  day  after  it  shall
   11  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01223-01-1
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