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S06974 Summary:

BILL NOS06974A
 
SAME ASSAME AS A09061-A
 
SPONSORFELDER
 
COSPNSRCARLUCCI, DEFRANCISCO, FUNKE, GALLIVAN, GOLDEN, GRIFFO, JACOBS, MURPHY, O'MARA, PHILLIPS, RANZENHOFER, RITCHIE
 
MLTSPNSR
 
Amd 607, 614 & 615, Tax L
 
Relates to federal income tax terms and their applicability to state tax law; relates to the New York standard deduction of certain resident individuals; authorizes a resident individual to elect to deduct his New York itemized deduction in lieu of his New York standard deduction.
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S06974 Actions:

BILL NOS06974A
 
12/21/2017REFERRED TO RULES
01/03/2018REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
01/20/2018AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
01/20/2018PRINT NUMBER 6974A
01/23/2018COMMITTEE DISCHARGED AND COMMITTED TO RULES
01/23/2018ORDERED TO THIRD READING CAL.252
01/23/2018PASSED SENATE
01/23/2018DELIVERED TO ASSEMBLY
01/23/2018referred to ways and means
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S06974 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6974--A
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    December 21, 2017
                                       ___________
 
        Introduced  by  Sens.  FELDER, GALLIVAN, GOLDEN, JACOBS, RITCHIE -- read
          twice and ordered printed, and when printed to  be  committed  to  the
          Committee  on  Rules -- recommitted to the Committee on Investigations
          and Government Operations in accordance with Senate Rule 6, sec. 8  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee
 
        AN ACT to amend the tax law, in relation to federal income tax terms and
          their applicability to state tax law; in  relation  to  the  New  York
          standard deduction of certain resident individuals; and in relation to
          the New York itemized deduction
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subsection (a) of section 607 of the tax law, as amended by
     2  chapter 28 of the laws of 1987, is amended to read as follows:
     3    (a) General. Any term used in this article shall have the same meaning
     4  as when used in a comparable context in the laws of  the  United  States
     5  relating  to federal income taxes, unless a different meaning is clearly
     6  required but such meaning shall be subject to the exceptions or  modifi-
     7  cations  prescribed in this article or by statute. Any reference in this
     8  article to the laws of the United States shall mean  the  provisions  of
     9  the  internal  revenue  code  of  nineteen  hundred eighty-six (unless a
    10  reference to the internal revenue code of nineteen hundred fifty-four is
    11  clearly intended), and amendments thereto[, and other provisions of  the
    12  laws  of the United States relating to federal income taxes, as the same
    13  may be or become effective at any time or from  time  to  time  for  the
    14  taxable year] made prior to December 1, 2017.
    15    § 2. Subsection (a) of section 614 of the tax law, as amended by chap-
    16  ter 170 of the laws of 1994, is amended to read as follows:
    17    (a)  Unmarried  individual. For taxable years beginning after nineteen
    18  hundred ninety-six, the New York standard deduction of a resident  indi-
    19  vidual  who  is  not married nor the head of a household nor a surviving
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13953-03-8

        S. 6974--A                          2
 
     1  spouse nor an individual [whose federal exemption amount is zero] who is
     2  claimed as a dependent by another New York state taxpayer shall be seven
     3  thousand five hundred dollars; for taxable years beginning  in  nineteen
     4  hundred ninety-six, such standard deduction shall be seven thousand four
     5  hundred  dollars;  for taxable years beginning in nineteen hundred nine-
     6  ty-five, such standard deduction  shall  be  six  thousand  six  hundred
     7  dollars;  and for taxable years beginning after nineteen hundred eighty-
     8  nine and before nineteen hundred ninety-five,  such  standard  deduction
     9  shall be six thousand dollars.
    10    §  3.  Subsection  (a)  of  section  615 of the tax law, as amended by
    11  section 1 of part HH of chapter 57 of the laws of 2010,  is  amended  to
    12  read as follows:
    13    (a)  General.  [If  federal taxable income of a] A resident individual
    14  [is determined by itemizing deductions from his federal  adjusted  gross
    15  income,  he] may elect to deduct his New York itemized deduction in lieu
    16  of his New York standard deduction. The New York itemized deduction of a
    17  resident individual means the total amount of his deductions from feder-
    18  al adjusted gross income, other than  federal  deductions  for  personal
    19  exemptions, as provided in the laws of the United States for the taxable
    20  year,  with  the  modifications  specified  in  this  section, except as
    21  provided for under subsections (f) and (g) of this section.
    22    § 4. This act shall take effect immediately and shall apply to taxable
    23  years beginning on and after January 1, 2018.
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