STATE OF NEW YORK
________________________________________________________________________
7209
IN SENATE
January 3, 2018
___________
Introduced by Sen. MARCELLINO -- read twice and ordered printed, and
when printed to be committed to the Committee on Investigations and
Government Operations
AN ACT to amend the tax law, in relation to increasing the amount of
real property taxes deductible on New York state tax returns
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (c) of section 612 of the tax law is amended by
2 adding a new paragraph 44 to read as follows:
3 (44) For taxable years beginning after December thirty-first, two
4 thousand seventeen, any amount paid for real property taxes, including
5 all real property taxes, special ad valorem levies and special assess-
6 ments, exclusive of penalties and interest, levied on the residence of
7 qualified taxpayers for purposes of subsections (e) and (e-1) of section
8 six hundred six of this article, paid in excess of the amount of such
9 taxes deductible on the taxpayer's federal income tax return.
10 § 2. This act shall take effect immediately and shall apply to all tax
11 years commencing on or after January 1, 2018; provided, however, that:
12 a. if this act shall take effect after January 1, 2018, it shall be
13 deemed to have been in full force and effect on January 1, 2018; and
14 b. effective immediately, the addition, amendment and/or repeal of any
15 rule or regulation necessary for the implementation of this act on its
16 effective date are authorized to be made by the commissioner of taxation
17 and finance on or before such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14040-01-7
