Bill Text: NY A06689 | 2021-2022 | General Assembly | Introduced
Bill Title: Establishes a deduction for stock options.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-01-05 - referred to ways and means [A06689 Detail]
Download: New_York-2021-A06689-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6689 2021-2022 Regular Sessions IN ASSEMBLY March 25, 2021 ___________ Introduced by M. of A. GALEF -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to the deduction for stock options 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 a new subparagraph 27 to read as follows: 3 (27) in the case of property transferred to a person in connection 4 with the performance of services, any deduction relating to stock 5 options pursuant to the Internal Revenue Code section 83(h) for property 6 described in subsection (a) of that section, in excess of the amount the 7 taxpayer was allowed to treat as compensation cost with respect to that 8 property in the year the stock option was granted under generally 9 accepted accounting principles for the purpose of ascertaining income, 10 profit, or loss in a report or statement to shareholders, partners or 11 other proprietors (or to beneficiaries). 12 § 2. This act shall take effect immediately and shall apply to taxable 13 years beginning on and after January 1, 2022. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04952-01-1
