NY A06017

Allows New York State taxpayers to subtract 75 percent of their net investment income from federal adjusted gross income when calculating state taxes.

Defines "investment assets" as property held by taxpayers but excludes inventory, business property subject to depreciation, copyrights and artistic works created by the taxpayer, and accounts receivable from ordinary business operations.

Establishes separate categories for short-term investment income/loss (assets held one year or less) and long-term investment income/loss (assets held more than one year) to calculate net investment income.

Net investment income is determined by taking the excess of net long-term investment income over net short-term investment losses for the taxable year.

Takes effect on January 1 following the date the bill becomes law.