Bill Text: NY S01476 | 2021-2022 | General Assembly | Introduced

New York Senate Bill 1476 (Prior Session Legislation)

Introduced

Bill Title: Establishes a deduction for stock options.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO BUDGET AND REVENUE [S01476 Detail]

Download: New_York-2021-S01476-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          1476

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 12, 2021
                                       ___________

        Introduced  by  Sen. KRUEGER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        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