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NY S08631
Bill
Status
12/22/2025
Primary Sponsor
Andrew Gounardes
Click for details
AI Summary
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Adds back to New York adjusted gross income certain depreciation deductions for "qualified production property" under IRC Section 168(n) for tax years beginning after December 31, 2024
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Requires taxpayers to add back deductions for domestic research or experimental expenditures under IRC Section 174-A to their New York income, effective for tax years after 2024
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Adds back Section 179 property expense deductions (immediate expensing of business equipment) to New York adjusted gross income for tax years beginning after December 31, 2024
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Effectively decouples New York State tax law from certain federal depreciation and expensing provisions, resulting in higher state taxable income for affected taxpayers
Legislative Description
Provides that certain deductions allowable under the internal revenue code related to certain types of property and domestic research or experimental expenditures shall be added to federal adjusted gross income.
Last Action
PRINT NUMBER 8631A
2/10/2026