Loading chat...

NY A00140

Bill

Official Source

Status

Introduced

1/5/2011

Primary Sponsor

David McDonough

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Amends Tax Law Section 612(c) to add paragraph 39 addressing property sales from decedents
  • Requires recalculation of property basis for estates subject to Internal Revenue Code Section 1022 by applying Section 1014 as it existed on December 31, 2009
  • Adjusts gain or loss calculations on property sales to disregard Section 1022 of the Internal Revenue Code for New York personal income tax purposes
  • Takes effect 60 days after enactment

Legislative Description

Relates to adjusting the federal adjusted gross income for personal income tax purposes; applies IRC section 1014 as in effect 12/31/2009, not IRC section 1022.

Last Action

held for consideration in ways and means

6/19/2012

Committee Referrals

Ways and Means1/5/2011

Full Bill Text

No bill text available