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
________________________________________________________________________
8831
IN SENATE
May 23, 2018
___________
Introduced by Sen. RANZENHOFER -- 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 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
