Bill Text: NY S07209 | 2017-2018 | General Assembly | Introduced

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Bill Title: Increases the amount of real property taxes deductible on New York state tax returns.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S07209 Detail]

Download: New_York-2017-S07209-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7209
                    IN SENATE
                                     January 3, 2018
                                       ___________
        Introduced  by  Sen.  MARCELLINO  -- read twice and ordered printed, and
          when printed to be committed to the Committee  on  Investigations  and
          Government Operations
        AN  ACT  to  amend  the tax law, in relation to increasing the amount of
          real property taxes deductible on New York state tax returns
          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  seventeen,  any amount paid for real property taxes, including
     5  all real property taxes, special ad valorem levies and  special  assess-
     6  ments,  exclusive  of penalties and interest, levied on the residence of
     7  qualified taxpayers for purposes of subsections (e) and (e-1) of section
     8  six hundred six of this article, paid in excess of the  amount  of  such
     9  taxes deductible on the taxpayer's federal income tax return.
    10    § 2. This act shall take effect immediately and shall apply to all tax
    11  years commencing on or after January 1, 2018; provided, however, that:
    12    a.  if  this  act shall take effect after January 1, 2018, it shall be
    13  deemed to have been in full force and effect on January 1, 2018; and
    14    b. effective immediately, the addition, amendment and/or repeal of any
    15  rule or regulation necessary for the implementation of this act  on  its
    16  effective date are authorized to be made by the commissioner of taxation
    17  and finance on or before such effective date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14040-01-7