NY S09052

Adds paragraph 43 to Tax Law Section 612(b) to exclude from New York gross income certain distributions from earnings and profits that were subject to federal income tax under Internal Revenue Code Section 965(a) for taxable years beginning January 1, 2017 or later.

Adds paragraph 44 to Tax Law Section 612(c) to allow a deduction from New York adjusted gross income for amounts included in federal adjusted gross income under Internal Revenue Code Section 965(a), including any allowed deductions under Section 965(c).

Decouples New York tax treatment from the federal transition tax on foreign earnings repatriated by U.S. shareholders of controlled foreign corporations.

Takes effect immediately and applies to taxable years beginning on or after January 1, 2017.