New York State Assembly

Bill No.:  

 
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S08478 Summary:

BILL NO	S08478
SAME AS	No same as
SPONSOR	JOHNSON C
COSPNSR
MLTSPNSR
Amd S612, Tax L
Relates to adjusting the federal adjusted gross income for personal income tax purposes; applies IRC section 1014 as in effect 12/31/2009, not IRC section 1022.

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S08478 Actions:

BILL NO	S08478
09/01/2010	REFERRED TO RULES

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S08478 Floor Votes:

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S08478 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8478
 
                    IN SENATE
 
                                    September 1, 2010
                                       ___________
 
        Introduced  by  Sen.  C. JOHNSON  -- read twice and ordered printed, and
          when printed to be committed to the Committee on Rules
 
        AN ACT to amend the tax  law,  in  relation  to  adjusting  the  federal
          adjusted gross income for personal income tax purposes
 
          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 39 to read as follows:
     3    (39)  In  the  case of a sale of property acquired from a decedent who
     4  died at a time when section 1022 of the internal  revenue  code  applied
     5  for  federal income tax purposes, the gain or loss on such sale shall be
     6  adjusted by recalculating the basis of such property without considering
     7  section 1022 of the internal revenue code and applying section  1014  of
     8  the  internal revenue code as it was in effect on December thirty-first,
     9  two thousand nine.
    10    § 2. This act shall take effect on the sixtieth  day  after  it  shall
    11  have become a law.
 
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets

                              [ ] is old law to be omitted.
                                                                   LBD18092-01-0

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