Bill Text: NY A04889 | 2015-2016 | General Assembly | Introduced
Bill Title: Excludes from calculation of gross personal income tax any interest and dividends not in excess of $20,000 for taxpayers who do not take an adjustment with respect to pension income.
Spectrum: Partisan Bill (Republican 4-0)
Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A04889 Detail]
Download: New_York-2015-A04889-Introduced.html
S T A T E O F N E W Y O R K
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4889
2015-2016 Regular Sessions
I N A S S E M B L Y
February 9, 2015
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Introduced by M. of A. CURRAN, FINCH -- Multi-Sponsored by -- M. of A.
HAWLEY -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to granting a modification
reducing federal adjusted gross income for interest and dividend
income in certain cases for purposes of the personal income tax
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 3-d to read as follows:
3 (3-D) INTEREST AND DIVIDEND INCOME, TO THE EXTENT INCLUDIBLE IN GROSS
4 INCOME FOR FEDERAL INCOME TAX PURPOSES, NOT IN EXCESS OF TWENTY THOUSAND
5 DOLLARS PAID DURING THE TAXABLE YEAR TO A TAXPAYER WHO IS NOT QUALIFIED
6 TO TAKE A MODIFICATION REDUCING FEDERAL ADJUSTED GROSS INCOME PURSUANT
7 TO PARAGRAPH THREE-A OF THIS SUBSECTION.
8 S 2. This act shall take effect immediately and shall apply to taxable
9 years beginning on and after January 1, 2015.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08060-01-5
