Bill Text: NY S06010 | 2011-2012 | General Assembly | Introduced

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Bill Title: Directs the commissioner of taxation and finance to require taxation only on an individual's net gambling winnings.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S06010 Detail]

Download: New_York-2011-S06010-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6010
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 4, 2012
                                      ___________
       Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation to directing  the  commissioner
         of  taxation  and  finance to require taxation only on an individual's
         net gambling winnings
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  171  of  the  tax law is amended by adding a new
    2  subdivision seventh to read as follows:
    3    SEVENTH.  REQUIRE  TAXATION  ONLY  ON  AN  INDIVIDUAL'S  NET  GAMBLING
    4  WINNINGS AND SHALL PROVIDE, IN A FORM AND MANNER TO BE DETERMINED BY HIM
    5  OR  HER, THAT GAMBLING LOSSES INCURRED DURING A TAXABLE YEAR MAY BE USED
    6  TO OFFSET AN INDIVIDUAL'S GAMBLING WINNINGS DURING THAT SAME PERIOD  FOR
    7  PERSONAL INCOME TAX PURPOSES.
    8    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13646-02-1