Relates to excluding from federal adjusted gross income the amount of any money or the value of any medals awarded to olympians or paralympians earning a maximum of three hundred thousand dollars annually.
STATE OF NEW YORK
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S. 5243--A A. 6721--A
Cal. No. 292
2017-2018 Regular Sessions
SENATE - ASSEMBLY
March 16, 2017
___________
IN SENATE -- Introduced by Sens. BOYLE, MARCHIONE -- read twice and
ordered printed, and when printed to be committed to the Committee on
Investigations and Government Operations -- recommitted to the Commit-
tee on Investigations and Government Operations in accordance with
Senate Rule 6, sec. 8 -- reported favorably from said committee,
ordered to first and second report, ordered to a third reading,
amended and ordered reprinted, retaining its place in the order of
third reading
IN ASSEMBLY -- Introduced by M. of A. MALLIOTAKIS -- read once and
referred to the Committee on Ways and Means -- recommitted to the
Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
-- committee discharged, bill amended, ordered reprinted as amended
and recommitted to said committee
AN ACT to amend the tax law, in relation to excluding from federal
adjusted gross income the amount of any money or the value of medals
awarded to olympians or paralympians earning a maximum of three
hundred thousand dollars annually
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) The amount of any money and/or the value of any medals awarded to
4 an olympian or paralympian earning a maximum of three hundred thousand
5 dollars annually to the extent includable in gross income for federal
6 income taxation purposes.
7 § 2. This act shall take effect immediately and shall be applicable to
8 taxable years beginning on and after January 1, 2018.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07788-04-8