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NY S08831

Bill

Official Source

Status

Introduced

5/23/2018

Primary Sponsor

Michael Ranzenhofer

Click for details

Origin

Senate

2017-2018 General Assembly

AI Summary

  • Amends Tax Law Section 292(a)(4) to expand the subtraction allowed for federal unrelated business taxable income
  • Adds Internal Revenue Code Section 512(a)(7) to the list of provisions whose income amounts must be subtracted from federal unrelated business taxable income
  • Effective immediately upon enactment and applies to all taxable years beginning on or after January 1, 2018
  • Currently only allowed subtraction for income included under IRC Section 501(m)(2)(A); this bill adds IRC Section 512(a)(7) to that allowance

Legislative Description

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.

Last Action

SUBSTITUTED BY A11051

6/19/2018

Committee Referrals

Rules6/18/2018
Investigations and Government Operations5/23/2018

Full Bill Text

No bill text available