Bill Text: NY A10519 | 2019-2020 | General Assembly | Introduced

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Bill Title: Disallows, for purposes of the unincorporated business corporation tax, the general corporation tax, the city banking tax, and the city business corporation tax, certain amendments, with respect to taxable years beginning before January 1, 2021, made to the internal revenue code by sections 2303, 2304 and 2306 of public law 116-136.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Passed) 2020-06-17 - SIGNED CHAP.121 [A10519 Detail]

Download: New_York-2019-A10519-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10519

                   IN ASSEMBLY

                                      May 24, 2020
                                       ___________

        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Weinstein)
          -- read once and referred to the Committee on Ways and Means

        AN ACT to amend the administrative code of the  city  of  New  York,  in
          relation  to  disallowing, for purposes of the unincorporated business
          corporation tax, the general corporation tax, the  city  banking  tax,
          and  the  city  business  corporation  tax,  certain  amendments, with
          respect to taxable years beginning before January 1, 2021, made to the
          internal revenue code by sections 2303, 2304 and 2306  of  public  law
          116-136

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph 17 of subdivision (b) of section  11-506  of  the
     2  administrative  code  of  the city of New York, as added by section 5 of
     3  part WWW of chapter 58 of the laws  of  2020,  is  amended  to  read  as
     4  follows:
     5    (17)  For  taxable  years  beginning  in two thousand nineteen and two
     6  thousand twenty, the amount of the  increase  in  the  federal  interest
     7  deduction allowed pursuant to section 163(j)(10)[(A)(i)] of the internal
     8  revenue code.
     9    §  2.  Subdivision (b) of section 11-506 of the administrative code of
    10  the city of New York is amended by adding a new paragraph 18 to read  as
    11  follows:
    12    (18)  Notwithstanding  any  other  provision  of  this  chapter to the
    13  contrary, for taxable years beginning before January first, two thousand
    14  twenty-one, the amount of increase  in  the  federal  deduction  allowed
    15  pursuant to any amendment to section 461(l) of the internal revenue code
    16  made after March first, two thousand twenty.
    17    § 3. Subdivision 2 of section 11-507 of the administrative code of the
    18  city  of  New  York  is amended by adding a new paragraph (c) to read as
    19  follows:
    20    (c) Notwithstanding any other provision of this chapter to the contra-
    21  ry, for taxable years beginning before January first, two thousand twen-
    22  ty-one, any amendment to section one hundred seventy-two of the internal

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16516-01-0
        A. 10519                            2

     1  revenue code made after March first, two thousand twenty shall not apply
     2  to this chapter.
     3    §  4.  Subparagraph  21  of  paragraph (b) of subdivision 8 of section
     4  11-602 of the administrative code of the city of New York, as  added  by
     5  section  6  of part WWW of chapter 58 of the laws of 2020, is amended to
     6  read as follows:
     7    (21) For taxable years beginning in  two  thousand  nineteen  and  two
     8  thousand  twenty,  the  amount  of  the increase in the federal interest
     9  deduction allowed pursuant to section 163(j)(10)[(A)(i)] of the internal
    10  revenue code.
    11    § 5. Paragraph (f) of subdivision 8 of section 11-602 of the  adminis-
    12  trative code of the city of New York is amended by adding a new subpara-
    13  graph 6 to read as follows:
    14    (6)  Notwithstanding  any  other  provision  of this subchapter to the
    15  contrary, for taxable years beginning before January first, two thousand
    16  twenty-one, any amendment to section  one  hundred  seventy-two  of  the
    17  internal  revenue code made after March first, two thousand twenty shall
    18  not apply to this subchapter.
    19    § 6. Subdivision b of section 11-641 of the administrative code of the
    20  city of New York is amended by adding a new  paragraph  17  to  read  as
    21  follows:
    22    (17)  For  taxable  years  beginning  in two thousand nineteen and two
    23  thousand twenty, the amount of the  increase  in  the  federal  interest
    24  deduction allowed pursuant to section 163(j)(10) of the internal revenue
    25  code.
    26    § 7. Section 11-641 of the administrative code of the city of New York
    27  is amended by adding a new subdivision (k-2) to read as follows:
    28    (k-2)  Notwithstanding  any  other  provision  of  this section to the
    29  contrary, for taxable years beginning before January first, two thousand
    30  twenty-one, any amendment to section  one  hundred  seventy-two  of  the
    31  internal  revenue code made after March first, two thousand twenty shall
    32  not apply to this part.
    33    § 8. Subparagraph 22 of paragraph (b)  of  subdivision  8  of  section
    34  11-652  of  the administrative code of the city of New York, as added by
    35  section 4 of part WWW of chapter 58 of the laws of 2020, is  amended  to
    36  read as follows:
    37    (22)  For  taxable  years  beginning  in two thousand nineteen and two
    38  thousand twenty, the amount of the  increase  in  the  federal  interest
    39  deduction allowed pursuant to section 163(j)(10)[(A)(i)] of the internal
    40  revenue code.
    41    § 9. This act shall take effect immediately.