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Who cares
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Sponsors
No co-sponsors yet.
History
- Print number 4740a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4740A
Title of bill
An act to amend the tax law, in relation to allowing the subtraction from adjusted gross income of gambling losses incurred during a taxable year for state personal income tax purposes
Purpose
Would allow all New York taxpayers, regardless of income, to deduct gambling losses from their Federal Adjusted Gross Income which is used as the basis for calculating New York taxable income and taxes thereby decreasing their NY taxable income.
Summary of provisions
Section 1 allows New York personal income tax filers to deduct the entire amount of incurred gambling loses regardless of income.
Section 2 sets forth the effective date.
Justification
Certain New York taxpayers, because of their income, either cannot deduct or cannot fully deduct the totality of their gambling losses on their New York State Personal Income Tax Submission to the NYS Department of Taxation and Finance. This current situation is unfair and should be remedied.
Legislative history
S. 4740 - Referred to Investigations and Government Operations.
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.