Bill Text: NY A05961 | 2019-2020 | General Assembly | Introduced


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) 2019-02-20 - referred to ways and means [A05961 Detail]

Download: New_York-2019-A05961-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          5961
                               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
        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 25 and 26 to read as
     3  follows:
     4    (25) The amount disallowed as a deduction pursuant to paragraph one of
     5  subsection (j) of section 163 of the internal revenue code.
     6    (26) 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 (T) to read as follows:
    22    (T) the amount disallowed as a deduction pursuant to paragraph one  of
    23  subsection (j) of section 163 of the internal revenue code.
    24    §  4. Paragraph 2 of subdivision (b) of section 1503 of the tax law is
    25  amended by adding a new subparagraph (Y) to read as follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06682-02-9

        A. 5961                             2
     1    (Y) any amount deducted by reason of a  carry  forward  of  disallowed
     2  business interest pursuant to paragraph two of subsection (j) of section
     3  163 of the internal revenue code.
     4    § 5. This act shall take effect immediately and apply to taxable years
     5  beginning on or after January 1, 2018.
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