Authorizes taxpayers having a federal adjusted gross income of $300,000 or less, to deduct from their incomes, that amount of state and local taxes paid by the taxpayer which exceeds $10,000.
STATE OF NEW YORK
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9063
IN SENATE
June 15, 2018
___________
Introduced by Sen. KLEIN -- 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 granting a personal income
tax itemized deduction for a certain portion of state and local taxes
paid by a resident taxpayer
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision (d) of section 615 of the tax law is amended by
2 adding a new paragraph 6 to read as follows:
3 (6) for taxpayers having a federal adjusted gross income of three
4 hundred thousand dollars or less, that amount of state and local taxes
5 paid by the taxpayer during the taxable year which is in excess of ten
6 thousand dollars.
7 § 2. This act shall take effect immediately and shall apply to tax
8 years commencing on or after January 1, 2018.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14398-01-8