NY A10273

Requires New York taxpayers to add back to federal adjusted gross income certain federal depreciation deductions for qualified production property under IRC Section 168(n), effective for tax years beginning January 1, 2025.

Mandates add-back of federal deductions for foreign and domestic research or experimental expenditures (IRC Sections 174 and 174A), recalculating them using a 60-month amortization period instead of the federal treatment.

Requires add-back of Section 179 property deductions (immediate expensing of business equipment), applying the rules as they existed on January 1, 2022.

Applies to both corporate franchise tax (Section 208) and personal income tax (Section 612), as well as the bank franchise tax (Section 1503).

Creates corresponding subtractions for amounts actually deducted federally, effectively requiring New York to use different depreciation and R&D expense calculations than federal law allows.