Bill Text: NY A06632 | 2011-2012 | General Assembly | Introduced

New York Assembly Bill 6632 (Prior Session Legislation)

Introduced

Bill Title: Excludes from calculation of gross personal income tax any interest and dividends not in excess of $20,000 for taxpayers who do not take an adjustment with respect to pension income.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-06-19 - held for consideration in ways and means [A06632 Detail]

Download: New_York-2011-A06632-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6632
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 23, 2011
                                      ___________
       Introduced by M. of A. CURRAN -- read once and referred to the Committee
         on Ways and Means
       AN  ACT  to  amend  the  tax law, in relation to granting a modification
         reducing federal adjusted  gross  income  for  interest  and  dividend
         income in certain cases for purposes of the personal income tax
         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 3-d to read as follows:
    3    (3-D) INTEREST AND DIVIDEND INCOME, TO THE EXTENT INCLUDIBLE IN  GROSS
    4  INCOME FOR FEDERAL INCOME TAX PURPOSES, NOT IN EXCESS OF TWENTY THOUSAND
    5  DOLLARS  PAID DURING THE TAXABLE YEAR TO A TAXPAYER WHO IS NOT QUALIFIED
    6  TO TAKE A MODIFICATION REDUCING FEDERAL ADJUSTED GROSS  INCOME  PURSUANT
    7  TO PARAGRAPH  THREE-A OF THIS SUBSECTION.
    8    S 2. This act shall take effect immediately and shall apply to taxable
    9  years beginning on and after January 1, 2011.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08578-01-1