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NY S09029
Bill
Status
6/19/2018
Primary Sponsor
Elaine Phillips
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AI Summary
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Allows business corporations to deduct FDIC premiums paid or incurred that are disallowed as deductions under section 162(r) of the Internal Revenue Code when computing entire net income for state tax purposes.
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Applies the same FDIC premium deduction to New York City business corporation tax calculations under the administrative code.
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Modifies references in both state tax law (section 208) and New York City administrative code (section 11-652) to include the new FDIC premium deduction alongside existing deductions.
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Takes effect immediately and applies to taxable years beginning on or after January 1, 2018.
Legislative Description
Provides that a corporation shall be allowed a deduction in computing entire net income for any FDIC premium paid by the corporation that is disallowed under the internal revenue code.
Last Action
referred to ways and means
6/19/2018