Bill Text: NY S05243 | 2017-2018 | General Assembly | Amended

---

Bill Title: Relates to excluding from federal adjusted gross income the amount of any money or the value of any medals awarded to olympians or paralympians earning a maximum of three hundred thousand dollars annually.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Engrossed - Dead) 2018-03-22 - referred to ways and means [S05243 Detail]

Download: New_York-2017-S05243-Amended.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
            S. 5243--A                                            A. 6721--A
            Cal. No. 292
                               2017-2018 Regular Sessions
                SENATE - ASSEMBLY
                                     March 16, 2017
                                       ___________
        IN  SENATE  --  Introduced  by  Sens. BOYLE, MARCHIONE -- read twice and
          ordered printed, and when printed to be committed to the Committee  on
          Investigations and Government Operations -- recommitted to the Commit-
          tee  on  Investigations  and  Government Operations in accordance with
          Senate Rule 6, sec. 8  --  reported  favorably  from  said  committee,
          ordered  to  first  and  second  report,  ordered  to a third reading,
          amended and ordered reprinted, retaining its place  in  the  order  of
          third reading
        IN  ASSEMBLY  --  Introduced  by  M.  of A. MALLIOTAKIS -- read once and
          referred to the Committee on Ways and  Means  --  recommitted  to  the
          Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
          --  committee  discharged,  bill amended, ordered reprinted as amended
          and recommitted to said committee
        AN ACT to amend the tax law,  in  relation  to  excluding  from  federal
          adjusted  gross  income the amount of any money or the value of medals
          awarded to olympians  or  paralympians  earning  a  maximum  of  three
          hundred thousand dollars annually
          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) The amount of any money and/or the value of any medals awarded to
     4  an  olympian  or paralympian earning a maximum of three hundred thousand
     5  dollars annually to the extent includable in gross  income  for  federal
     6  income taxation purposes.
     7    § 2. This act shall take effect immediately and shall be applicable to
     8  taxable years beginning on and after January 1, 2018.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07788-04-8