S07876 Summary:
| BILL NO | S07876 |
| SAME AS | No Same As |
| SPONSOR | GOUNARDES |
| COSPNSR | |
| MLTSPNSR | |
| Amd §615, Tax L | |
| Provides that the New York itemized deduction for gambling losses shall be zero percent of the amount allowed under the internal revenue code. | |
S07876 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 7876 2025-2026 Regular Sessions IN SENATE May 13, 2025 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to the itemized deduction for gambling losses The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 615 of the tax law is amended by adding a new 2 subsection (h) to read as follows: 3 (h) Notwithstanding subsection (a) of this section, the New York item- 4 ized deduction for gambling losses shall be zero percent of the amount 5 allowed under §165(d) of Part VI of Subchapter B of Chapter 1 of Subti- 6 tle A of the internal revenue code. 7 § 2. This act shall take effect immediately and shall apply to taxable 8 years beginning on or after January 1, 2025. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10997-02-5