Bill Text: NY S09029 | 2017-2018 | General Assembly | Introduced


Bill Title: Provides that a corporation shall be allowed a deduction in computing entire net income for any FDIC premium paid by the corporation that is disallowed under the internal revenue code.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Engrossed - Dead) 2018-06-19 - referred to ways and means [S09029 Detail]

Download: New_York-2017-S09029-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          9029
                    IN SENATE
                                      June 14, 2018
                                       ___________
        Introduced  by Sens. PHILLIPS, JACOBS -- read twice and ordered printed,
          and when printed to be committed to the Committee on Rules
        AN ACT to amend the tax law and the administrative code of the  city  of
          New  York, in relation to total net income for purposes of taxation of
          business corporations
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subparagraph  11  of  paragraph  (a)  of subdivision 9 of
     2  section 208 of the tax law, as amended by section 4 of part A of chapter
     3  59 of the laws of 2014, is amended to read as follows:
     4    (11) the amount deductible pursuant to [paragraph] paragraphs (j)  and
     5  (u) of this subdivision; [and]
     6    §  2. Subdivision 9 of section 208 of the tax law is amended by adding
     7  a new paragraph (u) to read as follows:
     8    (u) A taxpayer shall be allowed a deduction in  computing  entire  net
     9  income  for  any  FDIC  premium paid or incurred by the taxpayer that is
    10  disallowed as a deduction under subsection (r) of  section  162  of  the
    11  internal revenue code.
    12    §  3.  Subparagraph  10  of  paragraph (a) of subdivision 8 of section
    13  11-652 of the administrative code of the city of New York, as  added  by
    14  section  1  of  part  D of chapter 60 of the laws of 2015, is amended to
    15  read as follows:
    16    (10) the amount deductible pursuant to [paragraph] paragraphs (j)  and
    17  (u) of this subdivision;
    18    § 4. Subdivision 8 of section 11-652 of the administrative code of the
    19  city  of  New  York  is amended by adding a new paragraph (u) to read as
    20  follows:
    21    (u) A taxpayer shall be allowed a deduction in  computing  entire  net
    22  income  for  any  FDIC  premium paid or incurred by the taxpayer that is
    23  disallowed as a deduction under subsection (r) of  section  162  of  the
    24  internal revenue code.
    25    § 5. This act shall take effect immediately and shall apply to taxable
    26  years beginning on or after January 1, 2018.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16214-01-8
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