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NY S01036

Bill

Official Source

Status

Engrossed

6/13/2017

Primary Sponsor

David Carlucci

Click for details

Origin

Senate

2017-2018 General Assembly

AI Summary

  • Adds paragraph 44 to Tax Law Section 612(c) effective for taxable years beginning after December 31, 2016
  • Allows subtraction from federal adjusted gross income for qualified transportation fringe benefits that would have been excluded under Internal Revenue Code Section 132(a)(5) if the December 31, 2016 version of IRC Section 132(f)(2) had remained in effect
  • If IRC Section 132(f)(2)(A) dollar amounts exceed Section 132(f)(2)(B) amounts for any month, the Section 132(f)(2)(B) amount shall apply as if equal to the Section 132(f)(2)(A) amount
  • Establishes a $175 minimum monthly floor for qualified transportation fringe benefit amounts under IRC Section 132(f)(2)(A) and (B)
  • Takes effect immediately upon enactment

Legislative Description

Subtracts from federal adjusted gross income qualified transportation fringe benefits.

Last Action

referred to ways and means

6/20/2018

Committee Referrals

Rules6/20/2018
Investigations and Government Operations1/3/2018
Ways and Means6/13/2017
Rules6/5/2017
Investigations and Government Operations1/6/2017

Full Bill Text

No bill text available