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A01239 Summary:

BILL NOA01239A
 
SAME ASSAME AS S04380-A
 
SPONSORCusick
 
COSPNSRSchimminger, Walter
 
MLTSPNSR
 
Rpld §612 sub§ (i), sub§ (b) ¶10, sub§ (c) ¶13, amd §618, Tax L; amd §11-1712, NYC Ad Cd
 
Repeals provisions relating to the elimination of the personal income tax deduction for percentage depletion and makes technical corrections.
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A01239 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         1239--A
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 11, 2017
                                       ___________
 
        Introduced  by  M.  of  A.  CUSICK, SCHIMMINGER, WALTER -- read once and
          referred to the Committee on Ways and  Means  --  recommitted  to  the
          Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
          --  committee  discharged,  bill amended, ordered reprinted as amended
          and recommitted to said committee

        AN ACT to amend the tax law and the administrative code of the  city  of
          New  York,  in  relation  to  making technical corrections thereto; to
          repeal subsection (i) of section 612 of the tax law  relating  to  the
          elimination  of  the  personal  income  tax  deduction  for percentage
          depletion; and to repeal certain provisions of the  tax  law  relating
          thereto
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subsection (i) of section 612 of the tax law is REPEALED.
     2    § 2. Subdivision (i) of section 11-1712 of the administrative code  of
     3  the  city of New York, as amended by chapter 333 of the laws of 1987, is
     4  amended to read as follows:
     5    (i) In the case of mines, oil and gas wells and other  natural  depos-
     6  its,  any  allowance  for  percentage  depletion pursuant to section six
     7  hundred thirteen or section six  hundred  thirteen  A  of  the  internal
     8  revenue  code  shall be added to federal adjusted gross income. However,
     9  with respect to the property  as  to  which  such  addition  to  federal
    10  adjusted  gross  income is required, an allowance for depletion shall be
    11  subtracted from federal adjusted gross income in the amount  that  would
    12  be  deductible  under  section  six  hundred  eleven of such code if the
    13  deduction for an allowance for depletion were computed without reference
    14  to such section six hundred thirteen or section six hundred thirteen  A.
    15  [With  respect to the computation of depletion pursuant to this subdivi-
    16  sion, the basis for such computation shall be the basis for state income
    17  tax purposes provided for in  subsection  (i)  of  section  six  hundred
    18  twelve  of  the tax law.] The portion of any gain from the sale or other
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00461-03-8

        A. 1239--A                          2
 
     1  disposition of such property having a higher  adjusted  basis  for  city
     2  income  tax purposes than for federal income tax purposes, that does not
     3  exceed such difference  in  basis,  shall  be  subtracted  from  federal
     4  adjusted gross income.
     5    §  3.  Paragraph 10 of subsection (b) of section 612 of the tax law is
     6  REPEALED.
     7    § 4. Paragraph 13 of subsection (c) of section 612 of the tax  law  is
     8  REPEALED.
     9    § 5. Subsection 4 of section 618 of the tax law, as amended by section
    10  9  of  part  C  of chapter 25 of the laws of 2009, is amended to read as
    11  follows:
    12    (4) There shall be added or  subtracted  (as  the  case  may  be)  the
    13  modifications  described  in  paragraphs  (6)[, (10)], (17), (18), (19),
    14  (20), (21), (22), (23), (24), (25), (26), (27), (29), (38) and  (39)  of
    15  subsection (b) and in paragraphs (11)[, (13)], (15), [(19),] (20), (21),
    16  (22),  (23),  (24), (25), (26) and (28) of subsection (c) of section six
    17  hundred twelve of this part.
    18    § 6. Subsection 4 of section 618 of the tax law, as separately amended
    19  by section 5 of part HH-1 of chapter 57 of the laws of 2008 and  section
    20  9  of  part  C  of chapter 25 of the laws of 2009, is amended to read as
    21  follows:
    22    (4) There shall be added or  subtracted  (as  the  case  may  be)  the
    23  modifications  described  in  paragraphs  (6)[, (10)], (17), (18), (19),
    24  (20), (21), (22), (23), (24), (25), (26), (27), [(28),] (29),  (38)  and
    25  (39)  of  subsection  (b)  and in paragraphs (11)[, (13)], (15), [(19),]
    26  (20), (21), (22), (23), (24), (25), (26) and (28) of subsection  (c)  of
    27  section six hundred twelve of this part.
    28    §  7.  This  act  shall take effect immediately and shall apply to all
    29  taxable years beginning on or after January 1, 2018; provided  that  the
    30  amendments to subsection 4 of section 618 of the tax law made by section
    31  five  of  this  act  shall be subject to the expiration and reversion of
    32  such subdivision pursuant to section 8 of chapter 782  of  the  laws  of
    33  1988,  as  amended, when upon such date the provisions of section six of
    34  this act shall take effect.
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