Bill Text: NY S06951 | 2017-2018 | General Assembly | Introduced
Bill Title: Establishes a tax credit equal to any increase in federal tax liability based on the Internal Revenue Code of 1986 as of November first, two thousand seventeen with indexing.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S06951 Detail]
Download: New_York-2017-S06951-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6951 2017-2018 Regular Sessions IN SENATE November 22, 2017 ___________ Introduced by Sen. FELDER -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to establishing a tax credit equal to any increase in federal tax liability due to residents no longer being able to deduct state and local taxes from their federal income The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (ccc) to read as follows: 3 (ccc) Hold New Yorkers harmless tax credit. For taxable years begin- 4 ning on and after January first, two thousand eighteen, a credit, in the 5 amount, greater than zero, of the difference between (1) a resident's 6 federal income tax liability using the current version of the Internal 7 Revenue Code of 1986; and (2) such resident's federal income tax liabil- 8 ity using the Internal Revenue Code of 1986 as of November first, two 9 thousand seventeen with indexing, shall be allowed against the tax 10 imposed by section six hundred one of this part, to each resident of the 11 state. 12 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13834-03-7
