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NY S09030
Bill
Status
6/19/2018
Primary Sponsor
Thomas O'Mara
Click for details
AI Summary
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Amends New York State tax law to exclude disallowed business interest deductions under Internal Revenue Code Section 163(j) from taxable income for individuals and corporations.
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Adds exclusions for amounts disallowed as deductions under IRC Section 163(j) paragraph one and any carryforward of disallowed business interest under IRC Section 163(j) paragraph two.
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Applies the exclusions to New York State personal income tax (Tax Law Section 208), New York City income tax (Administrative Code Section 11-652), and corporate franchise tax (Tax Law Section 1503).
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Takes effect immediately and applies retroactively to taxable years beginning on or after January 1, 2018.
Legislative Description
Relates to additional exclusions for entire net income; includes deductions pursuant to IRC section 163.
Last Action
referred to ways and means
6/19/2018