Bill Text: NY A05961 | 2019-2020 | General Assembly | Amended
Bill Title: Relates to additional exclusions for entire net income; includes deductions pursuant to IRC section 163.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-01-21 - print number 5961a [A05961 Detail]
Download: New_York-2019-A05961-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5961--A 2019-2020 Regular Sessions IN ASSEMBLY February 20, 2019 ___________ Introduced by M. of A. SCHIMMINGER -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law and the administrative code of the city of New York, in relation to exclusions of the entire net income The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (b) of subdivision 9 of section 208 of the tax 2 law is amended by adding two new subparagraphs 26 and 27 to read as 3 follows: 4 (26) The amount disallowed as a deduction pursuant to paragraph one of 5 subsection (j) of section 163 of the internal revenue code. 6 (27) Any amount deducted by reason of a carry forward of disallowed 7 business interest pursuant to paragraph two of subsection (j) of section 8 163 of the internal revenue code. 9 § 2. Subparagraph 21 of paragraph (b) of subdivision 8 of section 10 11-652 of the administrative code of the city of New York, as added by 11 section 3-a of part KK of chapter 59 of the laws of 2018, is amended and 12 two new subparagraphs 22 and 23 are added to read as follows: 13 (21) the amount of any federal deduction allowed pursuant to section 14 250(a)(1)(A) of the internal revenue code[.]; 15 (22) the amount disallowed as a deduction pursuant to paragraph one of 16 subsection (j) of section 163 of the internal revenue code; 17 (23) any amount deducted by reason of a carry forward of disallowed 18 business interest pursuant to paragraph two of subsection (j) of section 19 163 of the internal revenue code. 20 § 3. Paragraph 1 of subdivision (b) of section 1503 of the tax law is 21 amended by adding a new subparagraph (W) to read as follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06682-03-9A. 5961--A 2 1 (W) the amount disallowed as a deduction pursuant to paragraph one of 2 subsection (j) of section 163 of the internal revenue code. 3 § 4. Paragraph 2 of subdivision (b) of section 1503 of the tax law is 4 amended by adding a new subparagraph (Z) to read as follows: 5 (Z) any amount deducted by reason of a carry forward of disallowed 6 business interest pursuant to paragraph two of subsection (j) of section 7 163 of the internal revenue code. 8 § 5. This act shall take effect immediately and apply to taxable years 9 beginning on or after January 1, 2018.