A04573 Summary:

BILL NOA04573
 
SAME ASNo same as
 
SPONSORKolb (MS)
 
COSPNSRBarclay, McDonough, Raia
 
MLTSPNSRGiglio, Hawley, McKevitt, Oaks, Tenney, Thiele, Weisenberg
 
Amd S615, Tax L
 
Establishes tax deductions for the tax paid by the taxpayer in connection with the purchase of a new automobile and for the interest paid by the taxpayer in connection with an automobile loan.
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A04573 Actions:

BILL NOA04573
 
02/06/2013referred to ways and means
01/08/2014referred to ways and means
06/17/2014held for consideration in ways and means
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A04573 Floor Votes:

There are no votes for this bill in this legislative session.
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A04573 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4573
 
                               2013-2014 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 6, 2013
                                       ___________
 
        Introduced by M. of A. KOLB, BARCLAY, McDONOUGH, RAIA -- Multi-Sponsored
          by  -- M. of A.  GIGLIO, HAWLEY, McKEVITT, OAKS, TENNEY, THIELE, WEIS-
          ENBERG -- read once and referred to the Committee on Ways and Means
 
        AN ACT to amend the tax law, in relation to establishing tax  deductions
          for  the tax paid by the taxpayer in connection with the purchase of a

          new automobile and for the interest paid by the taxpayer in connection
          with an automobile loan
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subdivision (d) of section 615 of the tax law, as amended
     2  by chapter 921 of the laws of 1963, paragraph 1 as  amended  by  chapter
     3  1006  of  the laws of 1970, paragraph 2 as amended by chapter 406 of the
     4  laws of 1990 and paragraph 4 as added by section 2 of part DD of chapter
     5  63 of the laws of 2000, is amended to read as follows:
     6    (d) Modifications increasing federal itemized  deductions.  The  total
     7  amount  of  deductions  from  federal  adjusted  gross  income  shall be
     8  increased by:
     9    (1) an amount, not exceeding one hundred  and  fifty  dollars  in  the
    10  aggregate,  for  net  premiums paid or incurred by a taxpayer during the

    11  taxable year with respect to any life insurance or endowment policy upon
    12  his life; provided, however, for taxable years  beginning  on  or  after
    13  January  first,  nineteen  hundred  seventy-one,  such  amount shall not
    14  exceed one hundred dollars in  the  aggregate;  and  for  taxable  years
    15  beginning  on or after January first, nineteen hundred seventy-two, such
    16  amount shall not exceed fifty dollars in the aggregate; and for  taxable
    17  years  beginning  on  or  after January first, nineteen hundred seventy-
    18  three, no such  increase  in  the  amount  of  deductions  from  federal
    19  adjusted gross income shall be allowed;
    20    (2)  interest  on  indebtedness  incurred  or continued to purchase or
    21  carry obligations or securities the interest on which is subject to  tax
    22  under  this  article  but  exempt from federal income tax, to the extent
 

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03340-01-3

        A. 4573                             2
 
     1  that such interest on indebtedness is not deductible for federal  income
     2  tax  purposes  and  is not subtracted from federal adjusted gross income
     3  pursuant to paragraph [(9)]  nine  of  subsection  (c)  of  section  six
     4  hundred twelve of this part; [and]
     5    (3)  ordinary and necessary expenses paid or incurred during the taxa-
     6  ble year for (i) the production or collection of income which is subject
     7  to tax under this article but exempt from federal income  tax,  or  (ii)

     8  the  management,  conservation  or  maintenance of property held for the
     9  production of such income, and the  amortizable  bond  premium  for  the
    10  taxable  year  on any bond the interest on which is subject to tax under
    11  this article but exempt from federal income tax, to the extent that such
    12  expenses and premiums are not deductible in determining federal adjusted
    13  gross income and are not subtracted from federal adjusted  gross  income
    14  pursuant  to  paragraph  [(10)]  ten  of  subsection  (c) of section six
    15  hundred twelve[.] of this part;
    16    (4) allowable college tuition expenses, as defined in paragraph two of
    17  subsection (t) of section six hundred six of this article, multiplied by
    18  the applicable percentage. Such applicable percentage shall  be  twenty-
    19  five  percent  for  taxable  years  beginning in two thousand one, fifty

    20  percent for taxable years beginning in two  thousand  two,  seventy-five
    21  percent  for  taxable  years  beginning  in  two  thousand three and one
    22  hundred percent for taxable years beginning after  two  thousand  three.
    23  Provided, however, no deduction shall be allowed under this paragraph to
    24  a  taxpayer  who  claims  the  credit  provided  under subsection (t) of
    25  section six hundred six of this article[.];
    26    (5) interest on indebtedness incurred to purchase an  automobile  from
    27  an  automobile dealer located within the state during the term of repay-
    28  ment of the loan, provided: (A) the  automobile  is  purchased  for  the
    29  taxpayer's personal use; (B) the automobile is registered in the name of
    30  the  taxpayer;  and (C) such deduction shall apply only to the amount of

    31  interest attributable to the  first  forty-nine  thousand  five  hundred
    32  dollars of the automobile loan amount; and
    33    (6)  an  amount not to exceed the sum of the state and local sales and
    34  compensating use taxes paid by  the  taxpayer  in  connection  with  the
    35  purchase  of the automobile from an automobile dealer located within the
    36  state provided: (A) the  automobile  is  purchased  for  the  taxpayer's
    37  personal  use;  (B)  the  automobile  is  registered  in the name of the
    38  taxpayer; (C) such deduction is allowable once with respect to any auto-
    39  mobile; and (D) such deduction shall apply only to  the  amount  of  tax
    40  attributable  to  the  first forty-nine thousand five hundred dollars of
    41  the automobile purchase price.

    42    § 2. This act shall take effect on the first of January next  succeed-
    43  ing  the  date  on  which  it shall have become a law and shall apply to
    44  taxable years beginning on or after such date.
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