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NY S07876
Bill
Status
Introduced
5/13/2025
Primary Sponsor
Andrew Gounardes
Click for details
AI Summary
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Eliminates the New York state itemized deduction for gambling losses by setting it at zero percent of the amount allowed under federal tax law (Internal Revenue Code §165(d))
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Overrides the general itemized deduction provisions in state tax law to specifically disallow gambling loss deductions
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Applies to taxable years beginning on or after January 1, 2025
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Takes effect immediately upon passage
Legislative Description
Provides that the New York itemized deduction for gambling losses shall be zero percent of the amount allowed under the internal revenue code.
Last Action
REFERRED TO BUDGET AND REVENUE
1/7/2026
Committee Referrals
Budget and Revenue1/7/2026
Finance5/28/2025
Budget and Revenue5/13/2025
Full Bill Text
No bill text available