STATE OF NEW YORK
________________________________________________________________________
9052
IN SENATE
June 15, 2018
___________
Introduced by Sen. FLANAGAN -- 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 decoupling from federal
transition tax for partnerships
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (b) of section 612 of the tax law is amended by
2 adding a new paragraph 43 to read as follows:
3 (43) For taxable years beginning on or after after January first, two
4 thousand seventeen, distributions from earnings and profits excluded
5 from the gross income of a United States shareholder under section nine
6 hundred fifty-nine of the internal revenue code and which were previous-
7 ly subject to federal income tax under subsection (a) of section nine
8 hundred sixty-five of the internal revenue code, to the extent that the
9 gross income from such distributions were subtracted from federal
10 adjusted gross income under paragraph forty-four of subsection (c) of
11 this section.
12 § 2. Subsection (c) of section 612 of the tax law is amended by adding
13 a new paragraph 44 to read as follows:
14 (44) For taxable years beginning on or after January first, two thou-
15 sand seventeen, any amount included in federal adjusted gross income
16 under subsection (a) of section nine hundred sixty-five of the internal
17 revenue code, after any deductions allowed under subsection (c) of
18 section nine hundred sixty-five of the internal revenue code.
19 § 3. This act shall take effect immediately and shall apply to taxable
20 years beginning on or after January 1, 2017.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16316-01-8
