Bill Text: NY S08831 | 2017-2018 | General Assembly | Introduced

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Bill Title: Establishes that any income included pursuant to section 512(a)(7) of the internal revenue code shall be subtracted from federal unrelated business taxable income.

Spectrum: Slight Partisan Bill (Democrat 6-3)

Status: (Introduced - Dead) 2018-06-19 - SUBSTITUTED BY A11051 [S08831 Detail]

Download: New_York-2017-S08831-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8831
                    IN SENATE
                                      May 23, 2018
                                       ___________
        Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
          when printed to be committed to the Committee  on  Investigations  and
          Government Operations
        AN  ACT  to amend the tax law, in relation to unrelated business taxable
          income of a taxpayer
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraph  4 of subdivision (a) of section 292 of the tax
     2  law, as added by chapter 547 of the laws of 1987, is amended to read  as
     3  follows:
     4    (4)  There shall be subtracted from federal unrelated business taxable
     5  income any amount which is included therein  solely  by  reason  of  the
     6  application of section 501(m)(2)(A) or 512(a)(7) of the internal revenue
     7  code.
     8    § 2. This act shall take effect immediately and shall apply to taxable
     9  years beginning on and after January 1, 2018.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16036-01-8