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