Bill Text: NY A11051 | 2017-2018 | General Assembly | Introduced

New York Assembly Bill 11051 (Prior Session Legislation)

Introduced

Bill Title: Establishes that any income included pursuant to section 512(a)(7) of the internal revenue code shall be subtracted from federal unrelated business taxable income.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Passed) 2018-12-07 - signed chap.369 [A11051 Detail]

Download: New_York-2017-A11051-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          11051
                   IN ASSEMBLY
                                      June 1, 2018
                                       ___________
        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Paulin) --
          read once and referred to the Committee on Ways and Means
        AN ACT to amend the tax law, in relation to unrelated  business  taxable
          income of a taxpayer
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph 4 of subdivision (a) of section 292  of  the  tax
     2  law,  as added by chapter 547 of the laws of 1987, is amended to read as
     3  follows:
     4    (4) There shall be subtracted from federal unrelated business  taxable
     5  income  any  amount  which  is  included therein solely by reason of the
     6  application of section 501(m)(2)(A) or 512(a)(7) of the internal revenue
     7  code.
     8    § 2. This act shall take effect immediately and shall apply to taxable
     9  years beginning on and after January 1, 2018.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16036-01-8