Bill Text: NY S07210 | 2017-2018 | General Assembly | Amended

---

Bill Title: Relates to implementing a state and local taxes credit against city income tax imposed on residents of cities with a population of one million or more.

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Introduced - Dead) 2018-01-08 - PRINT NUMBER 7210A [S07210 Detail]

Download: New_York-2017-S07210-Amended.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                         7210--A
                    IN SENATE
                                     January 3, 2018
                                       ___________
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment  Operations  --  committee  discharged,  bill  amended,   ordered
          reprinted as amended and recommitted to said committee
        AN  ACT  to amend the tax law and the administrative code of the city of
          New York, in relation to implementing a state and local taxes credit
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  1310  of  the tax law is amended by adding a new
     2  subsection (g) to read as follows:
     3    (g) State and local taxes credit. (1) Allowance of credit. For taxable
     4  years beginning on and after January first, two  thousand  eighteen  and
     5  before  January  first, two thousand twenty-six, a resident taxpayer who
     6  itemized his or her deductions on his or her federal income  tax  return
     7  shall be allowed a credit, to be computed as provided in paragraph three
     8  of  this  subsection, against the tax authorized by this article for the
     9  taxable year reduced by the credits permitted by this  article.  If  the
    10  credit  exceeds the tax as so reduced, the taxpayer may receive, and the
    11  comptroller, subject to a certificate of the commissioner, shall pay  as
    12  an overpayment, without interest, the amount of such excess.
    13    (2)  Allowable taxes. The term "allowable state and local taxes" shall
    14  mean the taxes imposed by a political subdivision  of  this  state  that
    15  would  have  been  deductible  pursuant  to  paragraphs one and three of
    16  subsection (a) of section one hundred sixty-four of the internal revenue
    17  code for taxable years ending before January first, two  thousand  eigh-
    18  teen  less  the limitation imposed by paragraph six of subsection (a) of
    19  section one hundred sixty-four of the internal revenue code.
    20    (3) Computation of credit. The amount of credit allowable pursuant  to
    21  this  subsection  shall equal the allowable state and local taxes multi-
    22  plied by the rate of tax imposed on the taxpayer's city  taxable  income
    23  pursuant to section thirteen hundred four of this article.
    24    §  2.  Section  11-1706  of the administrative code of the city of New
    25  York is amended by adding a new subdivision (g) to read as follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14101-02-8
        S. 7210--A                          2
     1    (g) State and local taxes credit. (1) Allowance of credit. For taxable
     2  years beginning on and after January first, two  thousand  eighteen  and
     3  before  January  first, two thousand twenty-six, a resident taxpayer who
     4  itemized his or her deductions on his or her federal income  tax  return
     5  shall be allowed a credit, to be computed as provided in paragraph three
     6  of  this subdivision, against the tax authorized by this chapter for the
     7  taxable year reduced by the credits permitted by this  chapter.  If  the
     8  credit  exceeds the tax as so reduced, the taxpayer may receive, and the
     9  comptroller, subject to a certificate of the commissioner, shall pay  as
    10  an overpayment, without interest, the amount of such excess.
    11    (2)  Allowable taxes. The term "allowable state and local taxes" shall
    12  mean the taxes imposed by a political subdivision  of  this  state  that
    13  would  have  been  deductible  pursuant  to  paragraphs one and three of
    14  subsection (a) of section one hundred sixty-four of the internal revenue
    15  code for taxable years ending before January first, two  thousand  eigh-
    16  teen  less  the limitation imposed by paragraph six of subsection (a) of
    17  section one hundred sixty-four of the internal revenue code.
    18    (3) Computation of credit. The amount of credit allowable pursuant  to
    19  this  subdivision shall equal the allowable state and local taxes multi-
    20  plied by the rate of tax imposed on the taxpayer's city  taxable  income
    21  pursuant to section 11-1701 of this subchapter.
    22    § 3. This act shall take effect immediately and shall apply to taxable
    23  years beginning on and after January 1, 2018.