Bill Text: NY S03537 | 2019-2020 | General Assembly | Introduced

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Bill Title: Subtracts from federal adjusted gross income qualified transportation fringe benefits.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S03537 Detail]

Download: New_York-2019-S03537-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3537
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 8, 2019
                                       ___________
        Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue
        AN ACT to amend the tax law, in  relation  to  qualified  transportation
          fringe benefits
          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 44 to read as follows:
     3    (44)  For  taxable  years  beginning  after December thirty-first, two
     4  thousand eighteen the amount of qualified transportation fringe benefits
     5  included in federal adjusted gross income, to the extent that such qual-
     6  ified transportation fringe benefits would have been excluded from gross
     7  income pursuant to paragraph five  of  subsection  (a)  of  section  one
     8  hundred  thirty-two  of the internal revenue code had the flush sentence
     9  of paragraph two of subsection (f) of section one hundred thirty-two  of
    10  the  internal  revenue code that was in effect on December thirty-first,
    11  two thousand eighteen continued in effect after  December  thirty-first,
    12  two  thousand  eighteen;  provided, however, that if subparagraph (A) of
    13  paragraph two of subsection (f) of section one hundred thirty-two of the
    14  internal revenue code is amended so that for any month the dollar amount
    15  in effect under such subparagraph (A) is greater than the dollar  amount
    16  in  effect  under subparagraph (B) of paragraph two of subsection (f) of
    17  section one hundred thirty-two of the internal revenue code for the same
    18  month, the flush sentence of paragraph two that was in effect on  Decem-
    19  ber  thirty-first, two thousand eighteen shall be deemed to provide that
    20  the dollar amount in effect for subparagraph (B) shall be applied as  if
    21  the  dollar  amount therein were the same as the dollar amount in effect
    22  for such month under subparagraph (A).  Notwithstanding  the  foregoing,
    23  if,  pursuant  to this paragraph, the amount that would be in effect for
    24  any month under subparagraph (A) or (B) of paragraph two  of  subsection
    25  (f)  of  section  one hundred thirty-two of the internal revenue code is
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06298-01-9
        S. 3537                             2
     1  less than one hundred seventy-five dollars, subparagraphs  (A)  and  (B)
     2  shall  be applied as if the dollar amount in effect for such month under
     3  such subparagraphs was one hundred seventy-five dollars.
     4    § 2. This act shall take effect immediately.