Provides that a corporation shall be allowed a deduction in computing entire net income for any FDIC premium paid by the corporation that is disallowed under the internal revenue code.
STATE OF NEW YORK
________________________________________________________________________
9029
IN SENATE
June 14, 2018
___________
Introduced by Sens. PHILLIPS, JACOBS -- read twice and ordered printed,
and when printed to be committed to the Committee on Rules
AN ACT to amend the tax law and the administrative code of the city of
New York, in relation to total net income for purposes of taxation of
business corporations
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph 11 of paragraph (a) of subdivision 9 of
2 section 208 of the tax law, as amended by section 4 of part A of chapter
3 59 of the laws of 2014, is amended to read as follows:
4 (11) the amount deductible pursuant to [paragraph] paragraphs (j) and
5 (u) of this subdivision; [and]
6 § 2. Subdivision 9 of section 208 of the tax law is amended by adding
7 a new paragraph (u) to read as follows:
8 (u) A taxpayer shall be allowed a deduction in computing entire net
9 income for any FDIC premium paid or incurred by the taxpayer that is
10 disallowed as a deduction under subsection (r) of section 162 of the
11 internal revenue code.
12 § 3. Subparagraph 10 of paragraph (a) of subdivision 8 of section
13 11-652 of the administrative code of the city of New York, as added by
14 section 1 of part D of chapter 60 of the laws of 2015, is amended to
15 read as follows:
16 (10) the amount deductible pursuant to [paragraph] paragraphs (j) and
17 (u) of this subdivision;
18 § 4. Subdivision 8 of section 11-652 of the administrative code of the
19 city of New York is amended by adding a new paragraph (u) to read as
20 follows:
21 (u) A taxpayer shall be allowed a deduction in computing entire net
22 income for any FDIC premium paid or incurred by the taxpayer that is
23 disallowed as a deduction under subsection (r) of section 162 of the
24 internal revenue code.
25 § 5. This act shall take effect immediately and shall apply to taxable
26 years beginning on or after January 1, 2018.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16214-01-8