Bill Text: NY A01048 | 2021-2022 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - referred to ways and means [A01048 Detail]

Download: New_York-2021-A01048-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1048

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                     January 7, 2021
                                       ___________

        Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
          Committee on Ways and Means

        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 twenty 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.
                                                                   LBD05154-01-1
        A. 1048                             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.