Bill Text: NY S05243 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to excluding from federal adjusted gross income the amount of any money or the value of any medals awarded to olympians or paralympians earning a maximum of three hundred thousand dollars annually.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Engrossed - Dead) 2018-03-22 - referred to ways and means [S05243 Detail]

Download: New_York-2017-S05243-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
            S. 5243                                                  A. 6721
                               2017-2018 Regular Sessions
                SENATE - ASSEMBLY
                                     March 16, 2017
                                       ___________
        IN  SENATE  --  Introduced  by  Sens. BOYLE, MARCHIONE -- read twice and
          ordered printed, and when printed to be committed to the Committee  on
          Investigations and Government Operations
        IN  ASSEMBLY  --  Introduced  by  M.  of A. MALLIOTAKIS -- read once and
          referred to the Committee on Ways and Means
        AN ACT to amend the tax law,  in  relation  to  excluding  from  federal
          adjusted  gross  income the amount of any money or the value of medals
          awarded to olympians earning  a  maximum  of  three  hundred  thousand
          dollars annually
          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 42 to read as follows:
     3    (42) The amount of any money and/or the value of any medals awarded to
     4  an  olympian earning a maximum of three hundred thousand dollars annual-
     5  ly.
     6    § 2. This act shall take effect immediately and shall be applicable to
     7  taxable years beginning on and after January 1, 2017.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07788-02-7