Bill Text: NY S09030 | 2017-2018 | General Assembly | Amended

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Bill Title: Relates to additional exclusions for entire net income; includes deductions pursuant to IRC section 163.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2018-06-19 - referred to ways and means [S09030 Detail]

Download: New_York-2017-S09030-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         9030--A
                    IN SENATE
                                      June 14, 2018
                                       ___________
        Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
          printed to be  committed  to  the  Committee  on  Rules  --  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 exclusions of the entire net income
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraph  (b) of subdivision 9 of section 208 of the tax
     2  law is amended by adding two new subparagraphs 25  and  26  to  read  as
     3  follows:
     4    (25) The amount disallowed as a deduction pursuant to paragraph one of
     5  subsection (j) of section 163 of the internal revenue code.
     6    (26)  Any  amount  deducted by reason of a carry forward of disallowed
     7  business interest pursuant to paragraph two of subsection (j) of section
     8  163 of the internal revenue code.
     9    § 2. Subparagraph 21 of paragraph (b)  of  subdivision  8  of  section
    10  11-652  of  the administrative code of the city of New York, as added by
    11  section 3-a of part KK of chapter 59 of the laws of 2018, is amended and
    12  two new subparagraphs 22 and 23 are added to read as follows:
    13    (21) the amount of any federal deduction allowed pursuant  to  section
    14  250(a)(1)(A) of the internal revenue code[.];
    15    (22) the amount disallowed as a deduction pursuant to paragraph one of
    16  subsection (j) of section 163 of the internal revenue code;
    17    (23)  any  amount  deducted by reason of a carry forward of disallowed
    18  business interest pursuant to paragraph two of subsection (j) of section
    19  163 of the internal revenue code.
    20    § 3. Paragraph 1 of subdivision (b) of section 1503 of the tax law  is
    21  amended by adding a new subparagraph (T) to read as follows:
    22    (T)  the amount disallowed as a deduction pursuant to paragraph one of
    23  subsection (j) of section 163 of the internal revenue code.
    24    § 4. Paragraph 2 of subdivision (b) of section 1503 of the tax law  is
    25  amended by adding a new subparagraph (Y) to read as follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16213-03-8
        S. 9030--A                          2
     1    (Y)  any  amount  deducted  by reason of a carry forward of disallowed
     2  business interest pursuant to paragraph two of subsection (j) of section
     3  163 of the internal revenue code.
     4    § 5. This act shall take effect immediately and apply to taxable years
     5  beginning on or after January 1, 2018.