Bill Text: NY S06397 | 2013-2014 | General Assembly | Amended

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Bill Title: Subtracts from federal adjusted gross income qualified transportation fringe benefits.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2014-06-12 - referred to ways and means [S06397 Detail]

Download: New_York-2013-S06397-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        6397--A
                                   I N  S E N A T E
                                   January 21, 2014
                                      ___________
       Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations -- reported favorably from said committee and  commit-
         ted to the Committee on Finance -- committee discharged, bill amended,
         ordered reprinted as amended and recommitted to said committee
       AN  ACT  to  amend  the tax law, in relation to qualified transportation
         fringe benefits
         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) FOR TAXABLE YEARS  BEGINNING  AFTER  DECEMBER  THIRTY-FIRST,  TWO
    4  THOUSAND THIRTEEN THE AMOUNT OF QUALIFIED TRANSPORTATION FRINGE BENEFITS
    5  INCLUDED IN FEDERAL ADJUSTED GROSS INCOME, TO THE EXTENT THAT SUCH QUAL-
    6  IFIED TRANSPORTATION FRINGE BENEFITS WOULD HAVE BEEN EXCLUDED FROM GROSS
    7  INCOME  PURSUANT  TO  PARAGRAPH  FIVE  OF  SUBSECTION (A) OF SECTION ONE
    8  HUNDRED THIRTY-TWO OF THE INTERNAL REVENUE CODE HAD THE  FLUSH  SENTENCE
    9  OF  PARAGRAPH TWO OF SUBSECTION (F) OF SECTION ONE HUNDRED THIRTY-TWO OF
   10  THE INTERNAL REVENUE CODE THAT WAS IN EFFECT ON  DECEMBER  THIRTY-FIRST,
   11  TWO  THOUSAND  THIRTEEN CONTINUED IN EFFECT AFTER DECEMBER THIRTY-FIRST,
   12  TWO THOUSAND THIRTEEN; PROVIDED, HOWEVER, THAT IF  SUBPARAGRAPH  (A)  OF
   13  PARAGRAPH TWO OF SUBSECTION (F) OF SECTION ONE HUNDRED THIRTY-TWO OF THE
   14  INTERNAL REVENUE CODE IS AMENDED SO THAT FOR ANY MONTH THE DOLLAR AMOUNT
   15  IN  EFFECT UNDER SUCH SUBPARAGRAPH (A) IS GREATER THAN THE DOLLAR AMOUNT
   16  IN EFFECT UNDER SUBPARAGRAPH (B) OF PARAGRAPH TWO OF SUBSECTION  (F)  OF
   17  SECTION ONE HUNDRED THIRTY-TWO OF THE INTERNAL REVENUE CODE FOR THE SAME
   18  MONTH,  THE FLUSH SENTENCE OF PARAGRAPH TWO THAT WAS IN EFFECT ON DECEM-
   19  BER THIRTY-FIRST, TWO THOUSAND THIRTEEN SHALL BE DEEMED TO PROVIDE  THAT
   20  THE  DOLLAR AMOUNT IN EFFECT FOR SUBPARAGRAPH (B) SHALL BE APPLIED AS IF
   21  THE DOLLAR AMOUNT THEREIN WERE THE SAME AS THE DOLLAR AMOUNT  IN  EFFECT
   22  FOR  SUCH  MONTH  UNDER SUBPARAGRAPH (A). NOTWITHSTANDING THE FOREGOING,
   23  IF, PURSUANT TO THIS PARAGRAPH, THE AMOUNT THAT WOULD BE IN  EFFECT  FOR
   24  ANY  MONTH  UNDER SUBPARAGRAPH (A) OR (B) OF PARAGRAPH TWO OF SUBSECTION
   25  (F) OF SECTION ONE HUNDRED THIRTY-TWO OF THE INTERNAL  REVENUE  CODE  IS
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01333-10-4
       S. 6397--A                          2
    1  LESS  THAN  ONE  HUNDRED SEVENTY-FIVE DOLLARS, SUBPARAGRAPHS (A) AND (B)
    2  SHALL BE APPLIED AS IF THE DOLLAR AMOUNT IN EFFECT FOR SUCH MONTH  UNDER
    3  SUCH SUBPARAGRAPHS WAS ONE HUNDRED SEVENTY-FIVE DOLLARS.
    4    S 2. This act shall take effect immediately.