Establishes that any income included pursuant to section 512(a)(7) of the internal revenue code shall be subtracted from federal unrelated business taxable income.
STATE OF NEW YORK
________________________________________________________________________
11051
IN ASSEMBLY
June 1, 2018
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Paulin) --
read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to unrelated business taxable
income of a taxpayer
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 4 of subdivision (a) of section 292 of the tax
2 law, as added by chapter 547 of the laws of 1987, is amended to read as
3 follows:
4 (4) There shall be subtracted from federal unrelated business taxable
5 income any amount which is included therein solely by reason of the
6 application of section 501(m)(2)(A) or 512(a)(7) of the internal revenue
7 code.
8 § 2. This act shall take effect immediately and shall apply to taxable
9 years beginning on and after January 1, 2018.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16036-01-8
