Bill Text: NY A07074 | 2019-2020 | General Assembly | Introduced


Bill Title: Establishes a deduction for stock options.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A07074 Detail]

Download: New_York-2019-A07074-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          7074
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                      April 4, 2019
                                       ___________
        Introduced  by M. of A. GALEF -- read once and referred to the Committee
          on Ways and Means
        AN ACT to amend the tax law, in relation  to  the  deduction  for  stock
          options
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph (b) of subdivision 9 of section 208  of  the  tax
     2  law is amended by adding a new subparagraph 25 to read as follows:
     3    (25)  in  the  case  of property transferred to a person in connection
     4  with the performance  of  services,  any  deduction  relating  to  stock
     5  options pursuant to the Internal Revenue Code section 83(h) for property
     6  described in subsection (a) of that section, in excess of the amount the
     7  taxpayer  was allowed to treat as compensation cost with respect to that
     8  property in the year  the  stock  option  was  granted  under  generally
     9  accepted  accounting  principles for the purpose of ascertaining income,
    10  profit, or loss in a report or statement to  shareholders,  partners  or
    11  other proprietors (or to beneficiaries).
    12    § 2. This act shall take effect immediately and shall apply to taxable
    13  years beginning on and after January 1, 2020.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06767-01-9
feedback