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History
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6010
Title of bill
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
Purpose
To alleviate tax burden and comply with Federal Income Tax Code in reference to gambling winnings language.
Summary of provisions
Section 1: An amendment is made to Section 171 of the Tax law, creating new subdivision seven, to state required taxation only on an individual's net gambling winnings for purposes of allowing one to offset an individual's gambling winnings during that same period for personal income tax purposes.
Section 2: Effective date of bill.
Justification
New York State taxpayers should not have to endure additional tax burdens when they play and help raise revenues for the state through racino gambling and commercial casino gambling. As current tax law is structured, an individual who has an offset of gambling losses to gambling winnings can incur a tax liability to New York State. In addition, taxpayers that have a combination of less gambling income with other taxable income can incur a tax liability.
Currently, NYS disallows a varying percentage of itemized deductions depending on the taxpayers adjusted gross income range. To correct this problem, gambling losses should either be netted with gambling income on Line 15 of the IT 201 or entered as a New York Subtraction on Line 31 Other Identify: Gambling Losses. Having and allowing for New York State to include net gambling winnings as part of taxable income will have no negative effect on tax returns. Similar to the treatment of gambling winnings under the Federal Income Tax Code, losses from gambling incurred during the same period as the winnings should be applicable and legislated for New York State so as to allow for an offset of winnings and reduction of incurred tax liabilities.
Legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.